Milton Friedman Schools Phil Donahue on Capitalism and Greed in 1971

In the clip below, Phil Donahue is interviewing world famous economist, the late Milton Friedman, (1912-2006).  The interview took place over thirty years ago, long before YouTube existed.  The audience is notably silent most of the time and they seem to be in awe.  In awe of hearing Dr. Friedman’s simple but ever so clear explanation of why freedom and Capitalism work and Communism, Socialism and Fascism do not.  Mr. Donahue looks like he’s not even there.  Eat your heart out Occupy Wall Street folks, Michael Moore, Sean Penn, and all of the millionaires who have made their money and then cry about how much they hate Capitalism.
You’ll find some interesting gems from Dr. Friedman below the video

“Underlying most arguments against the free market is a lack of belief in freedom itself.”

“History suggests that Capitalism is a necessary condition for political freedom.”

“The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that’s why it’s so essential to preserving individual freedom.”

“So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.”

“Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.”

“Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.”

“The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.”

“Concentrated power is not rendered harmless by the good intentions of those who create it.”

And last but not least:  “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.”

Video hat tip: MJC

About Alan Berkelhammer

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1 Response to Milton Friedman Schools Phil Donahue on Capitalism and Greed in 1971

  1. Jack Worthington says:

    Waht was the actual date of the program?

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