Milton Friedman on Slavery and Colonization

This clip is from the 15-part lecture series, "Milton Friedman Speaks" http://www.ideachannel.com/product_info.php?products_id=1137

Transcript available via FreedomChannel: http://freedomchannel.blogspot.com/2007/12/milton-friedman-on-slavery.html


Summary:

A student poses a question to Milton Friedman in which he asks for an appraisal of just how exactly the riches that now exist in the so called "capitalist democracies" were obtained and how those countries became so rich so quick. Specifically he asks Friedman to account for the effect that having free labor derived from slavery allowed them to enrich themselves, and how the possession of colonies allowed rich countries to bleed wealth out of their colonial domains.

Friedman responds by claiming it's simply untrue that the wealth that arose in Western countries was due to slavery. Slavery was a disgrace and a blot on the United States' record, but many rich Western nations did not have slavery. Britain and Japan did not have slaves when they developed and Hong Kong does not have slaves today.

He goes onto claim that the facts are against the notion that the wealth was created due to the West exploiting its colonies. The reason people are quick to think so is that they have an ingrained predisposition to see view the world as a zero-sum game where if one man gains the other man looses. In reality a free market allows everyone to gain through mutually beneficial voluntary transactions. When the West colonized Africa they brought with them technology that greatly improved the condition of the people that lived there and actually made them better off. The wheel for example had not even been invented in Africa in the 19th century. As a result of Africa's contacts with the West their condition improved greatly from what it previously was.

To the charge that colonizers bleed wealth from their colonies, Friedman notes that it has always cost the mother country more to maintain its colonies then what was ever received in direct or indirect economic benefit. In the famous case of India, conclusive studies have shown that it cost Britain far more to maintain India then if it had never had it. Furthermore, many Western nations never possessed colonies yet became wealthy despite that fact.

See also:

Free to Choose - All 15 episodes streaming online for free
http://www.ideachannel.tv

A history of Free to Choose
http://www.freetochoose.com

Category:

News & Politics

Tags:

• Milton
• Friedman
• Capitalism
• Freedom
• Slavery
• Colonialization
• liberty
• socialism
• communism
• economics
• documentary
• Africa

[bannedbyMusloons]

Milton really placed that braindead drugged out Marxist in his place.

[NCLUSA]

The Black guy is a future OWS Guru ( :

[arenor]

@bannedbyMusloons Like I said I don't agree with him. Think about it like this; Who better to strengthen the case of capitalism than a person who is educated in an opposing economics. Saying what you said, makes it seem like you don't really even understand economics. Me going to school for economics, being taught and receiving newsletters by Austrian Economics Dr. Walter Block, I find it offensive that instead of giving the guy credit for his attempt you insult him.

[lictor313]

is there any discussion to be had with fellow travellers? As if such unabashed filth as this mongrel hippy are worthwhile candidates for anyones time... nevermind Friedman's.

That he would deign to treat with such a loathsome creature is surprising...

[warriorprince1010]

Poverty has asnd is caused by the state. If governments allowed every child to have world class education, healthcare and a rule of law. Good regulation then there would be no poverty. Governments fail to do this, hence the state is the cause of all povetry. Switzerland has lower taxes than anywhere else in the developed world and yet better schools and infrastructure.

[aggrajag2813]

That dude reminds me of Mitch Hedberg, except without the funny part.

[stephenabm]

Milton Friedman was very correct, as is the usual case.

[Cristoviolanalgonas1]

The wealth of the Oligarchy who ruled/s the USA did not come from slavery alone, true, it can be traced to the stolen Native American land, and the exploitation of its resources. That is an undeniable fact. This man Milton Friedman is a dishonest shameless individual!

NOAM CHOMSKY! G. WILLIAM DOMHOFF! HOWARD ZINN! ACTUAL HISTORY!

[SovereignStatesman]

@IKiLLNRapeCOMMUNISTS

He was followng Lincoln's example.

If you think America owns the states, you're the one who's brainwashed.

[dkpai05]

Get to the fucking point!! 2 minute question. p.s. nice clothes jive turkey

[IKiLLNRapeCOMMUNISTS]

@SovereignStatesman

Germans took over Poland which regained it's indepedence after WW1

Germans stole these territories from Poland in 1795.

Germans actually stole Berlin from Polabian Slavs

& stole from Lusatia from Sorb Slavs too.

You seem to be brainwashed too If you think Poland is Germany.

[bannedbyMusloons]

@arenor: Really now? i guess that if spouting lies and Marxist propaganda makes you a genious he qualifies.