Milton Friedman and Phil Donahue On Socialism v. Capitalism

when you see around the globe the MAL distribute flight of millions of people in under country's 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's 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 worse than worse off worst off it's exactly from the kinds of societies that depart from life 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 or on the basis of their political clout is it really true that political self-interest is nobler 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

22 thoughts on “Milton Friedman and Phil Donahue On Socialism v. Capitalism

  • No one in the comment section will complain if we move a couple of factories to Mexico or China, right? I'm glad you guys understand.

  • This is one of the best two and half minutes of video on Youtube. EVERYONE should watch it, especially high school age kids, teachers and politicians.

  • Capitilism is nice and all but it unfortunately doesn't answer the question of maldistribution of wealth. Since the 80s it's gotten infinitely worse and it's just not sustainable for a society to operate like this for too long. As the top 1 percent hold more than 90 percent of the wealth in the US, it's clearly a sign of issue. The bottom 90 percent hold 73.2 percent of all debt. Perhaps Friedman didn't foresee it getting this bad. The lack of social restrictions on corporate earnings has indeed allowed them to make a lot of money for a small number of people, but if it's unchecked how is it any better than communism?

  • Notice how the audience sits, enraptured. What Friedman is saying should be obvious; the fact that he had to come on a TV program and tell us all what we should have been taught in school makes obvious how much our schools have been invaded (for 50 years now) by the poisonous treachery of Karl Marx & Company…

  • Phil was very good here. He did allowed Mr. freedom to speak fully and thought about it. I think he realized that Milton makes rational sense. I believe that there must be some controls on capitalism and that the pursuit of free markets must never be allowed to undermine the cultural needs of a nation as they have in the USA and in much of Europe. Free market capitalism allows for the MOST freedom for a society and the individual but freedom does not necessarily mean wealth. Some controls must be placed on capitalism in order to save it from itself, antitrust comes to mind among others.

  • Donahue's blather seems a touch disingenuous when you consider that estimates are he's currently worth around 25 million dollars. That's ONLY possible in a capitalistic society.

  • Friedman's string of non-sequitors is typical.
    He can't admit the damage done by capitalists, so he avoids that by pointing out the 'trickle down' benefits.

  • Thank you for sharing! Patrick Bet David brought me here from his interview with Tai Lopez on Valuetainment 🙂

  • The thing that made Friedman so special was his understanding of the psychological side of certain economic policies, this is what is lacking today in so many economist who promote socialist policies without taking into account human behavior. Friedman was right, there is NO economic system that will eliminate greed within human beings

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