Socialism vs Capitalism: Milton Friedman.





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Published on Jul 5, 2009

An excerpt from The Phil Donahue show (1979) where Milton Friedman talks in short about Capitalism and Socialism and what impact it has on societies.
In his book "Capitalism and Freedom" (1962) Milton Friedman (1912-2006) advocated minimizing the role of government in a free market as a means of creating political and social freedom.

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I used to be an anti-capitalist anarcho-socialist back in the day. One day i decided to search for the reason i was angry at the capitalist system. I was just angry without knowing why. Then i came across with this man, Milton Friedman. My life has changed ever since. It still amazes me how smart this man was. Never raised his voice and always presented his arguments using rational thinking and evidence. I hold libertarian views since that day.
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Eric D
Don't confuse capitalism with crony capitalism. In the former, people produce because they're rewarded for the risks they take. More production improves the standard of living for everyone. Crony capitalism is where some people use their wealth to give them an unfair advantage in business. These parasites benefit from being shielded from competition. But most business keep striving for better quality at a lower price because of intense competition. Ask Cuba and Valenzuela's citizens how well socialism is working out for them. You can discuss it with them as they're standing in line for hours waiting to buy their quota of groceries.
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Moo WWs
Damn, Friedman destroyed this guy. If you are anti-capitalism than you are a fool.
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This guy was a genius....wish I could have met him.
-Liberals and Socialism. What they think it means: Perfect utopia with no debt and everyone is equal!!! What socialism really is: The equal suffering of misery and government dependence. The government are the 1% who want to control people by keeping them dependent on welfare and controlling how much money they earn.  -Liberals and Capitalism What they think it means: 1% controls all and leaves 99% poor!! What Capitalism really is: No 1% controls all. There is a poor class, a middle class, and the Rich. The rich create jobs which spreads wealth to the middle class and poor, which will allow eventually allow the poor to move into the middle class and allow the middle class to have a chance at becoming rich through investments and smart business.
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I hope that some day U.S. citizens will learn that socialism is one thing and communism another..... then a conversation about capitalism VS "x" might have meaning.....
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che boludisimo
Friedman's responses are characterized by fallacy. 1. Red herring: He doesn't address Donahue's first question; "Did you ever have a moment of doubt about capitalism?"  only his second (fallacious) question, "and whether greed's...?" It's easier to address the fallacious question, which leads into the second 2. 'False dilemma': in which it is presupposed that socialism is the only alternative to capitalism. 3. appeal to emotion, in which all the associations with 'dreaded' socialism reinforce the false dilemma fallacy, and 4. then leads into an 'appeal to ridicule' the 'only possible alternative to capitalism'- socialism. He never does get around to answering Donahue's initial question...
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Martin White
Friedman answers a question with a question, No Mr Friedman, greed is NOT good. Who is he kidding when Socialism is alive and well and working all over Europe. He's trying to fool us all and he's failing badly with me. Don't be fooled people.
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Brilliant and succinct comparison between socialism and capitalism. Milton is a genius. What I find incomprehensible is the complete ignorance in which socialists and liberals seems to operate. Do they not know the history of their ideology? Do they not know the totalitarian regimes they support are merely a modern representation of the archaic, inhumane system of the dark ages? Socialism leads to Communism, which, in turn leads to despotism, tyranny, and death of tens or hundreds of millions. The history is clear.
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B Nenergy
  Friedman is answering the both questions. The answer to the second question makes it clear he doesn't have a doubt about the free enterprise system. He's addressing the nature of man as opposed to an arbitrary idea of what some people think an economic system ought to be.    Though he's the master of clarifying a difficult principle into layman terms, most can't grasp or understand the steps or the progression of a free enterprise market. They find it easier to give way to a false sense of fairness. 'I'm a human being and you're a human being and we live in a rich county, so why aren't all people living a happy life?'  To be happy in a productive society, you (guess what) have to be productive. If you're lucky, you don't have to make a lot of money to be happy, just enjoy being productive at what you're doing.
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