Thomas Woods - Big Business

Prof. Thomas E Woods Jr discusses the negativity in text books toward big business. http://www.LibertyPen.com

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[frasmus]

This is so consistent with the wisdom of Adam Smith who said, "It is not by the benevolence of the butcher, the brewer, or the baker that we expect to receive our dinner. But by their self-interest." It's the natural order of a free market. Even a big businessman looking out for his self-interest who does business lawfully will benefit everyone around him. This is why I jokingly like to say that "on the eighth day, God created the free market." It's because I sincerely believe this to be true.

[Aristotle100]

Thomas E Woods is great! I love listening to him he's an amazing speaker.

[Pdrum2]

@shumich And where does that consumerism come from? It comes from Keynesian economics not capitalism. The idea that consumption brings economic growth.

[carcabe]

Informative, intelligent, amusing, congenial. I love this man!

[Visfen]

@Aristotle100 The best ever.

[DaveC86]

Tom Woods is awesome.

[FletchforFreedom]

Ah, yes, "consumerism" - the standard complaint of those who have no real argument beyond "I don't agree with what YOU decided to do with YOUR money so you should let ME (or someone like me) make (better - LOL!) decisions for you!"

[FletchforFreedom]

Yes, advertising is efficient. And "planned obsolescence is an accusation without teeth. The "billions of pounds a day" figure is entirely bogus (Americans discard less than 100 billion pounds of - mostly expired - food in a year and, no, that does not show inefficiency). Who cares how much plastic we get from China? And the debt run up (while deplorable) is neither the fault of capitalism nor problematic in who holds it.

Your examples are entirely specious.

[LordVigeous666999]

yeah, but we also have reserve currency status. Which means we can literally print green pieces of paper, and buy physical goods with it.

Which means, production shifts away from our country and towards other countries

And who gave us this status? Governments

And who gives us the printing of money without reservation? The Federal Reserve, and institution of the US Government

So absent, either of these government actions, the Free Market would have corrected this long ago

[LordVigeous666999]

yeah, the US is in debt to China, so, if they have so right, when you planning on moving there?

[knucklesandwichanarc]

How much debt does the average US citizen have in comparison with his/her European/Asian counterpart? How many bankruptcies are filed each year? How much in student loans do US citizens have in comparison to other countries?

You keep saying that the US runs inefficiently because of government intervention. But all other nations where consumers have less debt, and thus more freedom, tend to have governments acting in favor of the interests of consumers rather than corporations. Lemon Socliasm?

[amosdwright]

Who said it was consumerism as such that has put us into debt? Most of the debt is gov't debt. But let's be fair. The problem is the belief that you should get something for nothing. That sounds an awful lot like Hope and Change. In China, they lived under abject poverty for so long, they tend to save. And when, by the way, were they worst off? Under Communism. We're in debt to a China powered by Capitalism. NOT a China powered by Socialism/Obamanism.