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Capitalism and Freedom

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. Friedman was perhaps our country’s leading economist. Here’s an excerpt from a 1979 interview with Phil Donahue:

Those basic principals of sound economics stand in sharp contrast to the big government in store for us today. It pains me to see how far we as a nation are straying from the basic philosophy of capitalism. I hope we see the error in our ways before it’s too late.

Posted on Feb 21, 2009 at 01:00PM by Registered CommenterDoug in , , , | Comments12 Comments

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Reader Comments (12)

Spoken like a true capitalist. I agree. He was a brilliant man. I would love to have heard how Donahue answered his questions.

February 21 | Unregistered Commentertetra

He was a genius.

February 21 | Unregistered CommenterFrank B.

We are in for a rough ride with this idea of socialism with parts of capitalism. It has never worked before, anywhere, and it can't work here. But socialists keep experimenting. I am sad they were allowed to experiment in the U.S.

How did we let this get so far?

February 21 | Unregistered CommenterGreta

A successful society takes more than dreaming of a world where everyone has whatever they need, where there is no want or hunger, only sharing and happiness. You have to create a model and prove that it works before recommending that it be adopted by all. No such model exists.

Instead, self interested groups focus on disparaging Capitalism and suggesting that they know a "better way". Recently, a corrupt Congress and an inexperienced smooth talker convinced a lot of people that a vaguely defined form of government called "change" was a magic pill that would solve all our problems. Well, we've already been served up a big helping of "change" and it tastes just like the socialism and bigger government that have failed in other countries.

Is it too late too push away from the table?

February 21 | Unregistered CommenterOrson

The present is bad because of Bush's failed economic plan and the people wanted a change. You lost, give it up.

February 21 | Unregistered Commenteryirtcb

I think it is too early to say it won't work. We should just wait and see and give Obama a chance to prove he knew waht he was talking about.

February 21 | Unregistered Commenterwastorix1

I am worried. I thought all the billions that have been spread around was supposed to give us confidence and start working by now. Instead it is getting worse. I believe it has to work itself out. Only problem is that whenever it finally does, the country will be broke.

February 21 | Unregistered Commenterharpo2

How do we know it won't work? The best economists say it has to be done or we will collapse. I think they know more than you. Besides, they have socialism in Europe and it seems to work fine.

February 21 | Unregistered Commenternaysayer

Socialists seek to condemn capitalism by pointing out examples of injustice and showing us pictures of starving children in undeveloped countries or our own slums. All we need do is put them in power and we can end world hunger with a chicken in every pot (to coin FDR about his "New Deal"). The basis is always take the wealth created by successful people and "distribute it" to everyone else, starting at the bottom. But history has shown that all that does is create an ever growing population of people who want to be on the receiving end and fewer and fewer that want to be responsible for feeding them. The ultimate winners? Big government, the bureaucrats who take from those who earn and pass it out to those who don't (after lopping off 80% to support their bureaucracy).

February 21 | Registered CommenterDoug

Greed is good.

February 21 | Unregistered CommenterTeddy

Hurry back, we miss our daily IM already!

February 23 | Unregistered Commenterleonard

I can't drink my morning mochacino without reading your site. I hope the re-design doesn't take too long. Mochacinos just aren't the same.

February 24 | Unregistered CommenterYolanda
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