Free to Choose - vol 07, 1980

See the entire video at www.ideachannel.tv
Various government agencies have been created on the claim that they will protect the consumer. These agencies restrict freedom, stifle beneficial innovation, and become agents for the industries or groups they are intended to regulate. Friedman explains how the apparent chaos of the market place, the competition of many suppliers for business, is the best protection of consumer interests.

Category:

People & Blogs

Tags:

• consumer
• regulation
• market
• price
• products
• business
• milton
• friedman
• nobel
• prize
• economics
• freedom
• capitalism
• choice

[karlharleman]

"Say, how does the market protect us from air pollution?"

You'll remember the golden rule is: You're allowed the maximum amount of freedom AS LONG AS YOU DONT VIOLATE SOMEONE ELSES FREEDOM. Polution would constitute as a violation of others freedom. But it is a myth that capitalism = more polution. I could show you empirical evidence that capitalism and economic growth = less polution. Also, environmentalism exist only as a consequence of the knowledge and growth that capitalism brings..

[karlharleman]

Ah.. when there is no arguments, there is always insults. Argument won.

[arizonafb]

human health and environmental protection failed all after these utopian market

[AWS12345678910]

* Green Marketing is quantified and invested in all the time by corporations who advertise being cleaner, healthier than their competitor.

*The market doesn't pretend to prevent failure: the market DOES act as a mechanism to cut losses, to protect bystanders, and to redirect resources to healthy sectors. Propping up failure is the hallmark of Government.

*A Worker is worth his work in a Market. Poor work, therefor, isn't protected. With Unions, individuals are judged by the work of others.

[0lord0kinbote0]

thank you karlharleman. You said more about your ideology and tactics than I could ever say. You are a perfect illustration of the typical libertarian crackpot.

[karlharleman]

..I could go on but I won't. If you really believe regulation is helping the poor workers of the world, I advice you to watch Johan Norbergs documentary "Globalism is good" for insightful interviews with workers and entrepreneurs of poor countries, it's available on youtube.

[karlharleman]

..The workers salary is MUCH higher in capitalist countries than in communist countries. Any attempt to better workers conditions by regulation has back fired. Take the minimum wage for example, it only led to unemployment. My sister was fired because her boss couldn't afford to pay the minimum wage of a one year employee, he had to switch employee's every year, loosing a lot in human resources. What a waste..

[karlharleman]

..That being due to domestic poverty, that being due to lack of capitalism. Would you deny a poor man what he considers to be his best offer available? Nikes asian factory employees are on the average being paid 5 times moore what they were before being hired by nike. It has now become a problem that people are dropping out of med school to make shoes for nike, because the difference in a doctors and a factory workers salary is not very big..

[karlharleman]

"How does the market protect us from exploitation of the worker? price fixing? monopoly?"

You're the anti-capitalist so i'm surprised that you would bring out price fixing and monopoly as bad solutions, although you're absolutely right about them being bad solutions.

I don't think it is possible to "exploite" an adult by offering him work. If people in unfree countries are willing to work for very low wages, it only means that the other offers available for them are even worse!..

[karlharleman]

..Ultimately it is the at the demand of the environmentalists and at the supply of the market (due to new technology made possible by capitalism) that environmental improvements can and will be made.

"How does the market protect us from short term scams (..) ?"

Capitalism does not equal anarchy. Obviously you'd need a small government to hold people responsible for their contracts. Just like anywhere else!