Milton Friedman

It is such a shame we don't have shows like this in this day and age of sensational media. Nobody asks hard questions like this anymore :(

ehh I believe you have my staplerr

@Sam26100 What is your point?

My point is that government regulation of the economy is always a bad thing.

Protectionism isn't an exception to this rule, as DavidHill was trying to suggest

This is a false argument, because it assumes, somehow, that you put nongreedy and unselfish men in charge of greedy and selfish menGovernment is an institution where the people who have the greatest drive to get power over their fellow men get into a position of controlling them.



A very fine quote.

perhaps...but to have an effective economy a country eventually MUST industrialize, and if you keep getting wiped out by cheap imports, only thing you may have to export are raw resources, which im sure u agree are a BAD way to pursue development strategy....how can an underdeveloped country develop if it tries to export only....i dont know.....bananas and doesnt promote linkages....and by the way US is not teaching what its preaching i.e. free trade

well I never said the US is practicing free trade, it isn't

As for industrialization: Industrialization occurs naturally in a country that has a free market, the idea that a company that is more "developed" will always beat an "underdeveloped" company in a free market is actually false. Walmart was not the biggest or the "most developed" retailer when it started out, even within the US. Home Depot was not the "most developed" home improvement retailer.
How did these companies grow?

Im not refering to corporations, but to DEVELOPMENT of a country....it seems as if you dont understand what it means to DEVELOP

Well, it is somewhat of a vague term, that can be misleading if not specified.

I don't see how my argument doesn't apply to the "development of a country" either. A country will develop much faster if it's nourished economically, and international trade helps that.

I.E. more resources = more time people have on their hands = faster research and development

the "trade" argument holds with respect to primary sector....there will be no R&D if no firm can become established enough to finance it (if firms keep getting wiped out by cheaper foreign products)....anyhow look at countries that took Friedmans advice to the fullest.. i.e. Chile under Pinochet