Socialism vs Capitalism: Milton Friedman.

here's my question when you see around the globe the maldistribution of wealth the the desperate plight of millions of people in underdeveloped countries when you see so few haves and so many have-nots when you when you see the greed and the concentration of power with it don't you ever did you ever have a moment of doubt about capitalism and whether greed is a good idea to run on well first of all tell me is there some society you know that doesn't run on greed you think Russia doesn't run on greed you think China doesn't run on greed what is greed of course none of us are greedy it's only the other fellow who's crazy this the world runs on individuals pursuing their separators the great achievements of civilization have not come from government bureaus Einstein didn't construct his theory under order from from a bureaucrat Henry Ford didn't revolutionize the automobile industry that way in the only cases in which the masses have escaped from the kind of grinding poverty you're talking about the only cases in recorded history or weather where they have had capitalism and largely free trade if you want to know where the masses are worth worse off worst off it's exactly in the kinds of societies that depart from that so that the record of history is absolutely crystal clear that there is no alternative way so far discovered of improving a lot of the ordinary people that can hold a candle to the productive activities that are unleashed by free enterprise so it seems to reward not virtue as much as ability to manipulate the syste and what does reward virtue you think the Communist commissar rewards virtue you think a Hitler rewards virtue you think excuse me if you'll pardon me do you think American presidents reward virtue do they choose their appointees on the basis of the virtue of the people appointed on the basis of their political clout is it really true that political self-interest is no better somehow than economic self-interest you know I think you're taking a lot of things for granted and just tell me where in the world you find these angels who are going to organize society for us well I don't even trust you to do that

  1. Every individual is a capitalist, even if their society isnt. Communisms fail because every individual from those at the top to those at the bottom behave capitalistically. You can either have a system that acknowlges human nature – as faulty as it may be – or one that doesnt. You can either have a system that operates with the grain of human nature or one that operates against the grain of human nature. Which do you think is more stable and fruitful?

    In response to rewarding an ability to manipulate the system. What system? In a truly free economy there is no ubiquitous "system". Only in bureaucracies and governing agencies do you find systems, and any such system can be manipulated. No free market can be manipulated unless there is a government body regulating aspects of it, in which case it isnt a truly free economy. Free markets are only interested in merit and the fruits of labor and ingenuity.

  2. Genius. People blame capitalism for inequality. It's not capitalism at fault. It's when government and big business get into bed with each other. The 2008 banking crisis was caused by the government providing cheap money and guaranteeing loans and mortgages. So there was no risk to the banks. The free market punishes reckless criminal behaviour. But the possible punishment was removed by the government.

  3. Shame the US isn't the free market capitalist society Friedman envisioned. We've instead become a crony pseudo-capitalist plutocracy, with a government massively corrupted by graft and bribery, who in turn warps and contorts laws and taxes to benefit the bribers as a priority, and insure the bribery is legal.

  4. 90% of people who are anti-capitalists dont understand the economy and its working.they only know some basics,but it is not enough.the problem is that they hadnt heard the other side,and all their arguments.ones rational person hears both arguments,he becomes supporter of the capitalism and individualism

  5. America is a mixed economy not even close to fully capitalistic anymore. Intern, this is where the issue lies the straying away from pure capitalism. Likewise, socialist countries are not fully socialistic anymore and the standard of living is no longer the same, as it was after communism.

  6. Times have changed. The socialist countries in Europe are happier, have more buying power, and are healthier…and guess what? They can run their own business.

  7. After 1000 yrs of capitalism 6.3 billion ppl live on less than $50 dollars a day. and THAT NUMBER IS GROWING. Friedman is an eloquent psychopathic capitalist of course he is going to do the capitalists bidding. "Is there some society that doesn't run on greed" ummm as far as I know there is only one society …ours….who are you comparing us to moron. So Freidman has, and is using, a statistical sample of one. First point what sought of credible expert relies on a statistical sample of one…none do ..that is a  indication of this guys credibility. Point 2 any expert knows on sparrow does not a summer make. this guy is a flake, a phoney, flawed puppet

  8. what a character Dr Friedman was, A man with knowledge spreading the good word around, If he was alive today I wonder what he would have said about today's bone head moves from the Federal reserve .

  9. He dodges the question. Friedman dodges the question by saying "well, anything we do is going to be motivated by greed, so lets just keep this corrupt ass system in place where most work 40+ hours a week and give up half of their live to barely make ends meet meanwhile the ownership class doesn't have to work and can live life as one huge party." That's what he's saying in a nutshell.

  10. Friedman destroyed the claims of this interviewer with questions: no barking, no slanging, no shouting downs. So few people in our public life today will use the Socratic method, or use it so well as demonstrated here by Milton Friedman.

  11. It's ironic that he mentions Einstein (who was in fact a socialist) in his discussion then goes off on a criticism of the "socialism" of the USSR which ironically also was a state capitalist system with markets, some private industry and half state run industry all run by a dictator/bureaucratic elites. Besides the obviously flaws of the USSR and China they had the fastest period industrial growth in modern history, going from backwards agrarian countries to industrial superpowers that rivaled the U.S. It's leadership after Lenin never had socialism as defined as "worker's control of industry and democracy" in mind. So his response on the part of socialism is an accurate critique of state capitalism.

  12. Why is Phil Donahue such a moron? People by nature are greedy. But the greatest greed occurs when there is central control. It can certainly come in socialism, for it is rife with opportunity for greed via central control. Yet capitalism can be and is controlled by the wealthy working in cahoots with government or state / crony capitalism. We have had a bought Congress that has been in place for over 20 years all at the hands of BOTH parties working with special interest for the gain of ONLY the wealthy and the politically aligned. The general publics needs have been virtually ignored. What we need is someone who will step forth and declare such an issue is afoot, to call out Congress. And currently there is only ONE candidate who is of that ilk, he who is dependent enough, strong and honest enough to break the log jam.

  13. wow..what a succinct bullet proof 2 minute answer that was. the man is brilliant and this answer proves it.

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