CNB ARCHIVES OCTOBER 2011: Milton Friedman on Socialism vs. Capitalism 1979 Video
Saturday, April 30, 2016
An excerpt from The Phil Donahue show (1979) where Milton Friedman talks in short about Capitalism and Socialism and what impact it has on societies.
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, academic, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences. Friedman was an economic advisor to conservative President Ronald Reagan.
A major source of objection to a free economy is precisely that group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.
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, 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?
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.
submitted by John Branin
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