Nobel Economist Milton Friedman on the Logic of Capitalism

Few days back we had a discussion on this topic in our class. Many of you seemed shocked by my views of Communism or least it seemed that way to me. Nonetheless, here is the view of one of the most artful and effective defenders of the theory of individual choice.

Link via (India Uncut)

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2 Responses to “Nobel Economist Milton Friedman on the Logic of Capitalism”

  1. Nick Callender Says:

    That guy is a great speaker! (although at times i feel he evaded the principle question about whether or not he had doubts about capitalism). I feel like his main argument was that humans are selfish and greedy, and the best system would harness this human energy for the development of society (Capitalism). He also mentioned that there is no better idea yet invented. I think that there are inherent flaws in capitalism and it is successful because it exploits some for the benefits of others. The question I would pose to this guy would be “could capitalism as an ideology work if it actually completely worked”.. could capitalism allow everyone to thrive, or would there have to be countries or regions that are deliberately poorer or disadvataged with the purpose of being exploited in order for the system as a whole to function.

  2. Margaret Kettles Says:

    I feel that the speaker did not validate the benefits of capitalism as much as he denigrated communism and socialism. His primary argument seems to be that capitalism is the best we can do given the inherent selfish nature of humanity. I would argue that selfishness is at least partially a product of capitalism and not a justification for it, and that we should not settle for a system with as many inherent inequalities and flaws as capitalism just because it is the dominant system. We should continue to seek alternatives that are more equal, that allow human nature to develop positively instead of negatively, and that do not concentrate power in the hands of a few at the expense of many.


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