Power of the Market - Unfair Competiton

Milton Friedman explains the consumer-friendly dynamics of unfair competition (6 of 30) http://www.libertypen.com
Source: Free To Choose
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• advantage
• competition
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• privilege
• subsidize
• unfair
• capitalism
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• enterprise
• liberty
• libertarian
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[fzqlcs]

Hardly a failure of the free market. We owe China because the idiots in Washington spent $10 trillion more than they had. Voluntary exchange was not the problem.

[twanablevins]

Great watch!!! Thanks for making and posting this video!

[mites7]

@mba2ceo because the money that you earn and leave for your children should be taken away from you as well, correct?

[mba2ceo]

@diilijethro ... only a FOOL thinks all men are created equal. The GOVT should equal the playing field NO MAN should be born to serve another.

[mba2ceo]

Unfair Competition = INHERITANCE

[mpc91]

@BOZ11 - Your assumptions completely blur your ability to see the motive of the employer to do right by the employee. The business needs the best employees in order to be successful, and will pay for quality employees at their value. It's not slavery. It's absolutely voluntary. Businesses must profit to survive. That's not a bad thing. If they mistreat their employees or customers, they will not profit, and will fail.

Gov't creates inflation, and gov't does steal from us all.

[BOZ11]

@mpc91 How voluntary is wage slavery? How voluntary is the option to be employed by capitalist businesses that all effectively prioritise the profit margin above all else? There is no real option and therefore voluntarism is moot where your choices are between a rock and a hard place. You are subjugated in one sense. The discrepancy between the value of your work and your pay is called profit. You're short changed. Inflation is also stealing from us all.

[mpc91]

@BOZ11 - Capitalism is based on voluntary exchange of goods and services. It is not about class, though the fact that you think so gives a great deal of evidence as to your slant. I am not subjugated by my employer, nor am I subjugated by any business. Only the gov't is doing that. The rest of my associations are voluntary.

You cannot describe capitalism in the language of socialism. To do so makes you incapable of understanding the system.

It is not a zero sum game.

[BOZ11]

@fzqlcs Capitalism depends on a feeder class and a subjugated class beneath it. Capitalism is economic cannibalism.

[chokkan7]

I realize that these remarks by Dr. Friedman were made prior to our current economic woes, but if they are based on sound economic theory, then why do they miss the mark so? Chinese industry is certainly government sponsored and subsidized, and it has largely supplanted the US version. The same could have been said of the Japanese before them. Argentina has vast economic potential, yet the WTO has them in limbo until they acquiesce - how does this represent fair competition?

[2dum2getsocialism]

@nagasnharpes haha

new cliff notes version of the us constitution preamble:

"The Government is useful for protecting us against one another, and foreign threats, and that's about it."

[nagasnharpes]

Corporatism is created by Gov't so in the end gov't ends up fucking up most things, The Government is useful for protecting us against one another, and foreign threats, and that's about it