Milton Freedman defending Capitalism and individual interest

Milton Freedman defending self interest in the 1970’s.  What was true then is even more apparently true now, and the question of who rewards virtue is key.

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One Response to Milton Freedman defending Capitalism and individual interest

  1. ben says:

    Well doesn’t old Milt just make THAT perfectly clear! Thanks doll, good vid.

    There really shouldn’t be any arguing about this anymore (though there still is).

    I think where things start to get interesting is in the principle versus pragmatics of the degree of societal interference in the capitalist process, and just how free of regulation we should have our “free” capitalist markets, and “free” trade.

    The global economic disaster we are heading into now will in the future be used by many as “evidence of the failure of capitalism”. Well, as Milt points out, can you find a better system from anywhere in the annals of history? I thought not.

    So then the question will reduce to one of “degree of freedom”, of the amount and nature of regulation and governmental interference in the processes of the markets. And this is where our hundred years of disinformation and propaganda will be very difficult to overcome, and why we need the Internet to help us discover truth. Most people simply don’t understand how far removed from free trade and free markets our systems are, how little we really understand about the details of how economies work, and how much the attempts at economic control and direction have crippled them. Why? Because it was not in the (greedy) interests of those in positions of power to divulge the secrets of their continuing fleecing of the common man. Yes, Joe the Plumber has done better under capitalism than he could have under any other potential alternative. But he could have done much, much better.

    Strangely, I believe that the notion of anonymous authenticated communication that the Internet allows may be essential to making it all work just a wee bit better. I will elaborate elsewhere…

    Milt is right.

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