In his book “Capitalism and Freedom” (1962) Milton Friedman (1912-2006) advocated minimizing the role of government in a free market as a means of creating political and social freedom.
An excerpt from an interview with Phil Donahue in 1979.
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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March 2nd, 2009 at 10:06 pm
The transformation of Phil Donahue from histrionic interviewer to crushed little boy is priceless.
March 2nd, 2009 at 11:25 pm
Friedman: “Where are these angels who are going to organize society for us?”
Ah, Milton. I miss you dearly. But the free market died in 1913.
You will be assimilated. Resistance is futile.
March 3rd, 2009 at 12:17 am
MF: “Some society you know that doesn’t run on greed?”
Ever hear of Japan? At the time of this interview, Japan GDP was growing faster than anything else, yet it was an extremely flat society, income-wise, with its citizens working long hours for socially induced reasons. Or learn about the Potlatch custom.
MF: “Great achievements did not come from government bureaus.”
Except for the moonwalk, the internet ….
I’ll stop watching here.
March 3rd, 2009 at 2:14 am
. . . as a means of creating political and social freedom.
Yeah, freedom for the rich to plunder the poor.
March 3rd, 2009 at 8:08 am
@ mcdruid-
How’s that Japan thing working out for you? did any problems surface subsequently?
March 3rd, 2009 at 2:07 pm
Uh, Creon, you really should get some knowledge before spouting silliness. In fact, the Japanese do work long hours almost purely due to social pressure – just as many Americans did in WWII. Although there are many peculiar aspects to Japanese culture, no objective observer could claim that they worked for greed. For Mr. Friedman to claim otherwise shows the size of his blind spot. Japan still has the second highest GDP in the world, minimal poverty and they live much longer lives than Americans.
Although I don’t know why I am bothering with you, since you don’t seem to think that the government was responsible for the internet, much less the moonwalk.
March 3rd, 2009 at 5:30 pm
Al Gore invented the Internet. Michael Jackson invented the moonwalk. Glad I could help you with that.
March 3rd, 2009 at 7:25 pm
Friedman was a Charlatan. Yet, he did perfect self satisfaction.
March 5th, 2009 at 6:30 pm
Milton puts up the worst examples as the counter to “Is Greed Good” question by asking PD if he thinks Russia, China, or other systems are better. As another poster mentioned, Japan is a good example. Milton also fails to mention Denmark, Sweden, France, etc, places that generally try to make sure that not too many fall through the cracks.
How can anybody deny there is a significant “Genetic Lottery” that some win, and many more loose.