Milton Friedman: The Rise of Socialism is Absurd
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- čas přidán 14. 05. 2017
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Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science, was one of the most recognizable and influential proponents of liberty and markets in the 20th century, and the leader of the Chicago School of economics.
In this video from the grand opening of the Cato Institutes's headquarters in Washington, D.C. in 1993, Milton Friedman gives a talk about popular political aphorisms, one of his favorites being the one he helped popularize in the title of his 1975 book, "There's no such thing as a free lunch."
Complete Video quoted under creative common: • There's No Such Thing ...
This channel aims at extracting central points of presentations into short clips. The topics cover the problems of leftist ideology and the consequences for society. The aim is to move free speech advocates forward and fight against the culture of SJWs.
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Where are next generation of great free market thinkers and speakers? The loss of Friedman has been dire. Sowell is great, but he keeps a low profile.
It´s up to us. We here on CZcams and other platforms need to defend and spread the ideas that brought us so much prosperity and freedom. We can´t wait for someone to do that for us.
Sowell is great indeed but i think he has already retired and won´t be here for us much longer.
Considering pretty much everything Friedman has ever done has been discredited. Hopefully not anytime soon. Likely can at least partially thank him for the whole crisis in syria right now as well.
@ adam b please elaborate.
Yes, here we have it, personified by adam b's vacuous comment: No evidence, specifics, links, metaphors, analogues in support of the comment, typical of people who really don't know what they're talking about, because if they did, they would offer their critique in a more compelling way.
Lazy, vacuous, unsupported, meaningless, tired, off-the-mark.
We all ask you: name all the discredited things Friedman did please or lose face. Good luck.
David Hendry and Ericsson pretty much refuted everything. Not to mention, the results are in. It has been a massive failure. Laissez-faire capitalism does not work: Coolidge, Thatcher, Reagan, Bush, the Gilded age, Austria, how many more bloody times must this ideology fall on its face before we accept that it is incorrect?
“Starving the markets that have been working and feeding the market that are failing” no truer words ever spoken especially today.
man year by year it stays the same too.
The Communists have markets - and they can do things like cancel all intellectual property rights to juice their tech sector.
This is the conceptual problem Milton has. If you want markets to work like he thinks they should, you need a Communist government to get the job done!
The Capitalists are contractually obligated to defend corporate profitability at all costs. Capitalist governments kneecap markets as soon as it's profitable to do so.
Capitalists' don't work for markets, they destroy markets for profit.
It's the Commies that think in terms of markets.
If it's being starved then it's not working. 😂
@@peopleofearth6250 When was it that a billionaire ever faced starvation?
He meant starving labor. G, I wonder where all this debt came from?
"we are not governed by the people, that's a myth" he was right about that....
I STRONGLY disagree! While we are not directly governed by 'the people', we ARE governed by the people they elect, and the majority of those voters have been Democrats, lefties, and libs which, for AT LEAST the past 20 years, have been and still are all dumb as hell. I didn't ask for this crap going on in America now, but apparently a majority of voters (really?) like it. (If not, does that mean a 'little voting fraud' really may have been going on ... BUT NOT BY THE REPUBLICANS?)
That's right we are governed by capybaras.
Yes we are. The very wealthy people that are not in the Political forefront. A very small but powerful group of people. Not the actual people, Citizens.
"Government of the people, by the bureaucrats, for the bureaucrats." A memorable line and so true. I can't guarantee that term limits would change that, but I'm certain that without term limits it will never change. We have a great talent for treating symptoms of problems without drilling down and dealing with the root causes. Federal health care is a perfect example of this; we didn't fix the ridiculous business model that evolved over decades; we simply figured out how to pay for it. And that goes for both parties. Throw them all out. I don't think it could possibly be worse that what we have right now.
How will term limits on politicians affect career bureaucrats? Answer: It will not have any affect upon bureaucrats.
@@MadnessMotorcycle If you have a better idea, please share it.
@@buckfan1969 Shrink the size of the government at every level. It is really that simple. No bureaucracy, no bureaucrats.
@@MadnessMotorcycle Sounds easy. But you're gonna have to deal with the Gov't Workers Union to do it.
@@MadnessMotorcycle Here in my state of NSW in Australia, they introduced a new system a while back where all executive level positions for public servants were switched to 5 year fixed term contracts. This means all high level bureaucrats have to reapply for their role after 5 years.
It doesn't automatically fix all problems, but it has cleaned out the a lot of dead wood.
Friedman made this speech twenty five years ago, but his talking points are even MORE pertinent now.
Him and JFK are talking to our generation
If you enjoyed this, JFKs secret society speech rips Marx and Engels, in front of the media, all of which are laughing.
@Sigma Geranimo How is it irrelevant?
Unfortunately, not enough are listening...
Or more likely modern conservatives literally haven't thought up a new idea since before milton was born
I like the farmer comparison. Here in Austria, with ~ 8M inhabitants, we have ~ 710.000 Entrepreneurs and over 800.000 civil cervants.
These 800000 civil servants are essentially unemployable. They do the same in the UK to massage the unemployment figured. It's why we have 1.4million people working in the NHS with less than 250000 doctors and nurses actually delivering treatment.
800.000 parasites you mean
@@visitante-pc5zc Yes, there are few bigger misnomers than "civil servant"
I'm a 37 year old American and military veteran who lived in Germany for 2 years and has been living in Austria for the past 10 months. I won't be going back to America. It's refeshing to see a civilized society that actually functions instead of being torn apart by the greed propagated by capitalism. 9 more years and I can trade my citizenship.
@@Marshallgill"what service does this individual provide to tax payers" should be held accountable.
"We have 2 such markets, we have the economic market operating under the incentives of profit. And we have the political market, operating under the incentive of power." If you understand nothing else of economics understand this, that everyone responds to incentives. It will either be one or it will be the other. It cannot be both.
INITIATIVE is the word, not incentive. No one want's to work for free. Initiate it, don't incentivize it.
Profit = rip off. When you take more than it is worth. And when you make a principle out of it, you get a criminal system of robbery that is destined to brutally fail as it always does.
And guess what: the criminals always make it work by telling the same kind of lies to the stupid.
politics is not a market markets produce something.... politics only produce misery.
no incentivization was right youre just being a sperg. be quiet.@@mateuszminsky5619
You're not very good with economics are you?
I've pointed out to various "socialists" that they are perfectly able to voluntarily engage in socialism without forcing everyone else to participate, without stealing their money. I point out that they are perfectly able to donate any portion of their own income that they choose to any needy families that they choose. Then I ask them which families they will be donating to. And you know, not a single one of them has been receptive to that idea! Somehow at that point the conversation always turns to a personal criticism of me. lol I'm going out on a limb here, but I'd say most of the people who want socialism expect to be on the receiving end of the redistribution.
Yes their 'freedom' from the 'tyranny of capitalism' can only be achieved through force...
Funny how that works 🤔…. Guess they never thought it through. Most people are for free everything until they learn they’d have to give up 60-80 of their income in taxes.
Everyone is mother teresa when there is no consequences such as having to pay some of your money to others
North Koreans have two stories running in their heads at all times, like trains on parallel tracks. One is what you are taught to believe; the other is what you see with your own eyes. It wasn’t until I escaped to South Korea and read a translation of George Orwell’s Nineteen Eighty-Four that I found a word for this peculiar condition: doublethink. This is the ability to hold two contradictory ideas in your mind at the same time-and somehow not go crazy. This “doublethink” is how you can shout slogans denouncing capitalism in the morning, then browse through the market in the afternoon to buy smuggled South Korean cosmetics.
Yeonmi Park
Did you ever think its because they thought your an idiot? Like THEIR income is going to solve homelessness in america. Yeah sure, I can give five hundred bucks to that family down the road and that will solve all the worlds problems.
Weird thing is how many americans now talk about the 1950's as a golden age. In many ways it was, it was also an age when HALF your salary went in taxes. And almost ALL the profit a corporation made went to taxes. And infrastructure spending was 2 percent of GDP so that the country wasn't falling apart at the seems.
Weird also that those OPPOSED to socialism don't seem to mind the highway system, roadways, or bridges. Don't complain about the police, fire department or even military. All the things 'socialized' LONG ago. And yet for some reason will argue that the fire department just can't actually effectively fight fires because its run by the government. Meanwhile, hows those gas prices working out for you?
A short man in height, but a giant in economic freedom stature. God Bless Milton Friedman. RIP.
@@DonTavvithuh?
@@DonTavvit Freedman was known for giving moral guidance to bosses as the Jesus for capitalism warning them not to become what they are a bunch of greed drive profiteers who use every means at their disposal to try and enter the record books for most private property ever owned by a single individual.
What? Are you high or drunk?
Economic freedom? Chairman of the federal reserve, are you serious?
@@robertlandin40 Friedman's idea of economic freedom is you can buy anything with the money you have that's up for sale, As Marx once said the only human freedom capitalism shouts is the universal "freedom to trade".
Milton died in 2006. Had he lived longer, that little remaining hair of his would've stood appallingly straight without the help of extra-strong-held-gel, just by observing the events of 2020.
No need for 2020, 2008 is good enough
@@mastersonogashira1796 caused by the fed as usual.
@@austinbyrd4164 the “fed” literally didn’t care about the market before 2008 and it imploded itself.
@Master Sonogashira You don't know what you're talking about. Allen Greenspan artificially lowered interest rates because of the tech bubble in the 90s. You're just factually wrong. People in the austrian school predicted a bubble and a subsequent pop from rising rates in 07. czcams.com/video/jj8rMwdQf6k/video.html
@@austinbyrd4164 I agree lowering interest rate was a bad move, but it was the banks that sold high risk debt as low-risk financial product. Low interest may have incentivized them to do that, but they did it at their own risk. It’s like someone was charged with negligent by put a loaded gun on a table, but the guy who actually pulled the trigger was not charged.
The crash would never happen if they didnt bundle the debt, SEC should have busted their ass the moment they started, that way we could have cut out losses by a lot
The problem is that there are endless excuses that can be made up for anything: not enough time, the wrong people, not enough resources etc, so every time, people can say that "real socialism has never been tried."
It hasn't, technically. And when 'tried' , it was perverted to some level authoritarianism not associated with true socialism. The only successful model of true socialism was Evo Morales in Bolivia- and the OAS was promptly sent by the US Government to destroy it..
Was been tried is real capitalism and once again it in the worst crisis since the great depression.
@@kimobrien. DERP
Oh, that's easy:
Name me a single country in which the economy was in the hand of the people and how this led to any problem. Go on.
Because that is socialism.
Capitalism meanwhile is when a minority controls the economy and abuses this to become richer on the back of the poor and work slaves. If you want to find an example for that and how it brutally fails, you just have to throw a stone, it will always hit one.
The very concept of socialism defies the very core of human nature. The idea that you work for it, you earned it, and it needs to be yours to keep. Those that aren't willing to work for it do not deserve it. I'm all for a charitable donation, but not to have it arbitrarily taken away at my peril.
Milton Friedman should be required listening for younger generations.
no he shouldn’t be
@@dotenks Great reply. Care to elaborate?
Everything comes at a cost, even labor.
"even labor" How fucking rich and spoiled have you have to be to have that explained to you. RRRRRRRIIIIIIICCCCCCCHHHHHHHHHHHH.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
What the
except in socialism, then the labor is free. Everybody works because they are forced
@@sten260 sure.
@@sten260 In capitalism you are forced as well. If you dont work you will die.
It amazes me that sugar tariffs continue and so few people are aware of this, much less outraged by it. We all pay more for sugar because no one seems to realize we could be paying a lot less for it.
It amazes me that so few people are aware that the sugar industry is essentially run by organized crime and protected by government.
We already eat way too much sugar. We’re importing diabetes. Maybe not the best example.
@@mikebamboo2000 There are any number of tariffs that most people are not aware of. How about steel tariffs?
But I'm going to take exception to your statement. YOU may be eating way too much sugar, but how do you know that the rest of us are? How did you determine what "way too much" was? I don't have diabetes, and I turned 57 this year.
And because of the tariffs, it's more likely U.S.-produced sugar, like C&H or Imperial, and not imported sugar.
And last but not least, if we were spending less on sugar (and all the processed foods that contain sugar) consumers would have more money for other things, like exercise machines or medicine.
Who would think that a coercive tariff is an effective way to deal with diabetes or other sugar-related health problems? Would 4 out of 5 dentists recommend sugar tariffs as a way to combat tooth decay?
@@macsnafu "How do you know the rest of us are"
Most people like you really like to dip into wilful ignorance when it suits your confirmation bias.
In Norway for instance it's taxed extremely high, while nuts and fruits aren't, and it shows on the population. (trust me on that, lived in both US and Norway. US is a veritable pig farm. You will not see this many fat unhealthy people anywhere else). US isn't however an idealogically or morally compelled nation (though it sure likes to pretend), so your industry found ways to circumvent your tarrifs by creating a hybrid sugar (high corn fructose syrup) which may be worse in terms of health, and if not anything else; just tastes like shit compared to real sugar. In the end they got the same tarrifs, so now you're just stuck with a worse tasting sugar in everything. I think the problem was that the tarrifs weren't set high enough, a proper level had possibly changed the industry to something better (that is, 9/10 food companies shouldn't focus on profit by exploiting our biological functions to turn us into food addicts).
"they will have money over for medicine". It doesn't matter how little gov tax our sugar when a pharmacy companies set the prices however they like (and demonstrately do so, all the while trying to hook their patients on opioids and selling the drugs to come off them)
With all these other problems the world is facing.. why the fuck would anyone care about sugar tariffs? It's a footnote in the book of calamities US is facing.
no one understands economics in general and simps will always find an excuse why taxation is not only justified but " for the greater good"
Time is an excellent teacher. It shows you the weaknesses of the life to which you've grown accustomed.
All he does is talk about saving money for the bosses so they can get bigger profits on the stock market.
I love the audible clinking of silver knives and spoons as an atmospheric backdrop
Do you really think you can you hear the difference between silver and stainless steel cutlery?
How can you possible determine the composition of a metal simple by its sound?? So silver has got it's tune too?
True
@@AfroJohnGalt Yes, you can tell this difference using ears. It's enough to listen to what this propagandist of capitalism is bragging about.
Wonderful economist and individual, his common sense was uncommon these past 10 years.
😂
This guy speaks truth
If they want to teach critical theory it should be around the government 😂
Everybody in the world agreed that Milton Friedmans theories were a failure.
@@TrilobitesRTasty ...at the time. Until he was retroactively correct 😬
We live in an age of absurdities. We live in the age of post reasoning.
We live in the age coming to the end to the world system of profits for the worlds capitalist bosses.
@@kimobrien. Wishful thinking.
@@paulsimonmccarthy9209 No different than the theories of Friedman where the bosses can escape the competencies of their own greed. Or Ayn Rand's Objectivist theology for a select cult of property owners. Both are the rantings of property owners seeing their own irrevalvance
@@kimobrien. How is property ownership a "cult"? The concept of property ownership and/or property rights has lifted billions out of poverty. Home ownership is one of the simplest and most effective ways to generate wealth. Borrowing against this kind of asset, especially in business has propelled countless millions to prosperity.
@@anthonymorris5084 We are talking about private property the property used to exploit others. Not the home ownership swindle by the banks and real estate sharks by the time your retire if your lucky you own the home outright millions lost their homes during the crisis of 2008. My mom and dad they drank the kool aid your selling and my sister ended up having to manage their bills and after my dad passed away my mom spent the rest of her life in a housing for the elderly shoe box.They'd have done better to pay the social security into her account instead of putting the money into an IRA. My dad would have retired with a bigger check if he had not lost his job on the Railroad when the bosses closed the diesel shop. These private pension plans are just another kind of swindle. The one I actually qualified for despite the number of times I was promised one disappeared after the company moved to Mexico. .
More people today are socialist thinking compared to when Friedman gave this speech 30 years ago. He is underappreciated today because few people in this era understand basic economics.
especially the ones still following Friedman
@@bobcuddy853from my experience the people who are pushing socialism and try to discredit Friedman don’t know how the laws of supply and demand work and can’t properly define capitalism or socialism. The more the push more government control in there actions and results of those actions prove Friedman almost 100 right
fyi 60% of farm subsidies go to Monsanto and Archer Daniel Midlands types and not family farms
But the small farmers support it because even though it is long term death, it is short term pork.
Right, so get rid of it. There, less socialism is not so hard to stomach.
Murry In Arizona Thank you. That is exactly correct. That fact doesn't get stated often enough in discussions of farm subsidies.
I hope you understand that Friedman would oppose these handouts as well.
That's not true, but shouldn't that be an argument for ending all farm subsidies?
This channel is gold. And needs a lot more subscribers.
Ditto that!!!
Agreed, 24 carat. Subscribed.
Is there a major economist who has been debunked more often and more thoroughly than Friedman? How's that trickle-down working for you?
been to Venezuela recently have we?
Tablature Butler Actually yeah. Paul Krugman. He's a status quo mouth piece whom gets debunked almost on a daily basis.
Socialism; wanting something without working for it.
And you end up working for it and not getting it.
@@ejminer123 better to have an opportunity than none at all
Capitalism: pretending you have political freedom when in fact you have economic slavery. Good luck with college and medical fees in the hundreds of thousands of dollers owed to the state and the unbiased media and political parties not influenced by campaign money from corporate, because that never happens. Moderate socialist taxation to fund public programs combined with wealth increase of capitalism would be best.
@@geneticist8887 With capitalist principles, the cost of college and medical fees would be low. I assume you are referring to the US. And you made a good point, that college and medical fees are very high. Now where you are wrong is to assume this is a result of capitalism. That is wrong. This is a result of government intervention and crony capitalism. The reason college fees are so high is because the government decided that it'd guarantee giving out student loan to everyone and that a student can't go bankrupt on their college fees. As a result, the college is able to increase their fees whilst getting away from the consequences of increasing their fees too much. The reason the medical fees is so high because it's not a free market! You see, that is exactly the problem. We need less socialism, less regulations, less government intervention and more capitalism.
@@shahrikamin4699 in an idealised world capitalism would be a free market but unfortunately like communism, you always have guys on top of the pyramid who cornered the market. USA is the most capitalist system in the world and thats exactly what happened and not because of government. Althpugh government plays its part. How can you have a free market with specialist patented non generic drugs exactly that are in medicine? The only way to combat high prices is to either somehow cap the cost of medications or have the government pay it through socialised medicine like the NHS. But you cant have a free market with highly specialised products unless every Tom, Dick and Harry around the block is a highly specialised scientist and organic chemist.
Young adults across the world are graduating with degrees in Economics, who have been taught capitalism is evil and communism is workable.
We’re in for rough times ahead.
I have an economics degree and nowhere was socialism described as a realistic future.
Capitalism = feudalism = despotism.
If you consequently follow the principles of human rights you got pretty much communism.
And socialism is simply just the economical version of democracy = power to the people. It's when the machines work for the whole society, instead of just working for a minority of oligarchs, capitalists.
@@aygwm Of course not, since why should the university in slaveholder societies teach that you should abolish slavery? That's absurd. No slaverholder would ever teach that but make very clear instead, how slaverys is the only working system and that slaves couldn't even handle freedom.
The question is WHY are they being "taught" such a thing? Because this could be logic if you study in Cuba or North Korea, but WHO and WHY has decided to feed the kids IN USA with all this BS? Why are the RICH owners of Media, Social Networks, Hollywood and else, PROMOTING Cultural Marxism and Communism? Until you can answer the WHO and the WHY, you won't be able to stop it or fix it.
@@miriamweller812that's very well said. It's a point I wouldn't have thought of.
This man is/was brilliant.... we need more like him
He was fine with deficit spending as long as it wasn't on center left liberal socal programs.
@@sleepyhead8681 because leftists programs tend to create poverty. Like the war on poverty was the biggest instance that created poverty. We can't spend ourselves out of poverty, it's so dumb. By wasting resources on poor that don't produce anything, we throw away money.
😁
Anyone who says the real world is "absurd" is not brilliant, is a denialist. We don't need more people who say reality is absurd, my friend. We need people who understand the world.
@@skwalka6372Leftists deny objective reality. They deny the KNOWN cause of inflation. They can't even accurately define woman. They actually ADMIT they don't believe in objective reality; see their postmodernist lectures and textbooks. Don't be a clown.
"Government of the people, by the bureaucrats, for the bureaucrats." -- Absolute FACT!
I miss this man. We could really use your intellect right now, Milt.
Just curious what do you miss about him? How is Chile doing with his policies? If you really love the free market give up your pension, healthcare, police, fire department, schools, regulations for food water and air and finance etc. Most importantly do you have to approve for tax cuts for the rich. Trickle down economics.
@@surreallife777 I pay for my own pension because the government can’t balance the books enough to afford to give me one. The NHS is a black hole as far as money is concerned and last year my partners grandad died because the nurses didn’t change his catheter and he died of sepsis while the Porter stole £50 from a dying mans wallet.I pay for police, fire and schools and those services are deeply lacking and apparently chronically underfunded. Government jobs bloat with bureaucracy because the do operate on merit. Governments are shit at everything.
Robert Black: Sorry for the long message. The data does not support your view. If there are any problems with government healthcare it because conservatives promote the idea that the government is bad and the less government the better. It’s an old conservative trick, underfund social programs like healthcare until they don’t function properly until people like yourself start complaining, then they tell people “see we told you so, social programs don’t work, privatize them.” This and the national debt BS is used as an excuse to implement cuts in funding. If you think the UK system is bad now, just wait until the conservatives privatize it or make even more cuts to funding with austerity nonsense. Also just wait until you find out how much it’s gonna cost you per year, if they cover that is. It runs on a profit system. One woman had acne years ago then she got skin cancer on her face and the private insurance company in the US refused to cover her cancer treatment because they told her she had a pre-existing condition. America spends the most on healthcare yet they have the worst outcomes, they are privatized. Privatized healthcare systems run on a 20% to 35% overhead cost. Government healthcare runs on a 2% to 3% overhead cost. Just under 700,000 people in America file for bankruptcy each year because private healthcare won’t cover them or they can’t afford it. Conservatively, 60,000 Americans die each year (That’s not including people who have medical issues and don’t get treated) because of lack of healthcare. How many people die in Germany or Sweden? Zero. I live in Canada, our healthcare system used to be a lot better until conservatives went in there with a slash and burn philosophy of cutbacks. I’ll tell you my experience with private healthcare last month. My girl friend had travel insurance for Canada. She hurt her leg (no broken bones). We went to the Dr and then submitted the claim. The privatize insurance Company denied the claim. They said that they needed to see her medical history from Vietnam because they wanted to know if there was some pre existing condition. She could not get it. Basically what they are saying is that if she broke her leg in Vietnam they would not cover her because it is a pre-existing condition. It’s not surprising that the best healthcare systems in the world or governmental run. Whatever problems they may have are because of people like Milton Friedman promoting conservative austerity economics that government is evil. Government is bad when it’s not government for the people by the people. Once you deregulate and shrink government that’s when the rich and corporations own the government.
Mussolini said: “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power." My advice to you is if you want to better healthcare system stop supporting conservative policies.
Commonwealth Fund:
“Key Findings: The top-performing countries overall are Norway, the Netherlands, and Australia. The United States ranks last overall, despite spending far more of its gross domestic product on health care.”
TOP 10: Countries with the best healthcare system
10- New Zealand
9- Austria
8- France
7- Australia
6- Netherlands
5- Germany
4- United Kingdom
3- Canada
2- Sweden
1- Denmark
The United States ranks last overall, despite spending far more of its gross domestic product on health care. The U.S. ranks last on access to care, administrative efficiency, equity, and health care outcomes, but second on measures of care process.
Conclusion: Four features distinguish top performing countries from the United States: 1) they provide for universal coverage and remove cost barriers; 2) they invest in primary care systems to ensure that high-value services are equitably available in all communities to all people; 3) they reduce administrative burdens that divert time, efforts, and spending from health improvement efforts; and 4) they invest in social services, especially for children and working-age adults.
www.commonwealthfund.org/publications/fund-reports/2021/aug/mirror-mirror-2021-reflecting-poorly
@@surreallife777 I’m under no illusions, I know conservatives are crooked and if they had their way it would be a very cold and brutal world.All governments either side of the political spectrum desire one thing, power. Your big mistake is you think the answer to the alleviation of human duff to be found chiefly on the left side of the spectrum. I rather think it’s a mixture of the two. Capitalism is the closest thing to a economic system of evolution by natural selection that we have and fo the most part it works. Socialist engineering is artificial selection and communism is basically the shrunken skull and bulging eye socket of an inbred pug. I’m not a conservative or liberal or socialist. I don’t believe the answer can be found in one system alone.
@@surreallife777 better than in Argentina, Cuba and Venezuela
Well, another saying goes like this:
there is capitalism for the poor and socialism for the rich.
Arnold Van Kampen but that socialism comes out of the expense of a successful capitalist economy. There cannot be socialism for the poor, because there is nothing left to fall back on should it fail.
Yup, privatize the winnings, socialize the risk for the poor, poor billionares. And do keep remembering that medicare isn't socialism.
The wealth of neoliberalism for a few comes from hundreds of millions of lives and generations destroyed in the Middle East and South America with mass graves of people by neoliberal wars or toppling democracies to take out nationalised natural resources out of the hands of the people and give “freely” to corporations. There is socialism to the rich and brutal capitalism to people, that’s how Friedman’s evil ideology works.
@@jackielone1035 'Nationalized natural resources' sounds like something taken away from those who developed them.
well socialism for the rich is created by the government not the economy. If government wants to give you 1 billion dollars of tax money then that has nothing to do with capitalism or economy. That is just corruption
“We are not governed ‘by the people’ that’s a myth! It carries over from Abraham Lincoln’s day” (@6:45)
If we do not know history, we are doomed to repeat it. The definition of insanity is doing the same thing over and over again and again but expecting different results.
Socialism is a gnostic religion, not an economic system. Socialism works as it is supposed to work. Its adherents are just lying (or don't know) the true goal (that's where the gnosis comes in) of communal, pastoral, living.
Very cliché of you ...
Do you mean like thinking unconstrained capitalism will lead to a better world rather than to gross wealth inequalities? That kind of lesson?
@@bobcuddy853That IS a consequence, of course. However, sometimes wealth IS deserved, because not everyone is the same.l, or works equially hard.
The issue is to leave everything at the market's discretion, when there HAVE to be safeguards to protect people.
History is only there to teach us that we do not learn from history.
Milton Friedman is the kind of guy who jazzes up a party.
JUAN 12345 he’ll bring the booze. Because he knows the supply and demand.
Bright as a button and just endlessly interesting. A great education for anyone willing to listen. Gotta love Milt. RIP.
"widespread benefits and concentrated sacrifice" - almost came in my pants.
geez it's like we learned nothing from this man and went head first into disaster
He's an ass
Found the commie .
Do to the fact that the people have no control over what is done.
yup it's sad, we are doing the EXACT opposite of what he is saying. Sweet baby jesus save us from ourselves...
It's the other way round. We learned too much from this man and that's what got as into disaster. Just take three simple things he advocated:
* deregulation of the banking system (sure, he would not have advocated for saving them in a banking crisis, but then what a nice crisis `08 would have been!)
* globalization unlimited
* no fight agains monopolization anymore (only if it results in high consumer prices)
Oh and a bonus: legalization of all drugs.
I would love to see someone here define socialism.
Here's how it works for conservatives. If government makes a mistake, that's socialism, if it sends you a check or builds you a road, that's the magic of the free market at work.
Anything or anyone Donnie doesn't like
I had the good fortune to go to his home in San Francisco, talk with him, Rose, and Bob Chitester for an hour, and then take Milton to a dinner party with two-time National Science medal winner Dr. Bruce Ames (namesake of the Ames test for cancer). What a night!
"Equality? Equality in dirt. ...unless you're in Politburo of course."
~ Yuri Bezmenov, ideological subversion specialist and defector from the KGB
6:50 “we don’t have a gov by the people ...but for the bureaucrats”
My son has just done an economics degree at Bath University and all he was taught was that the free market was bad and government was the answer to every problem. Keynesian economics and the left have taken over and voices like Friedman's hardly get a look in, so sad.
Keynes was a capitalist, not a socialist. I think you've confused Keynesian economics with something else. I'd recommend you read his "General Theory" before accusing Keynesian economics of taking over, since the insanity we see of never ending spending has little to do with what he wrote.
@@Meton2526 Agreed to some extent about Keynes and I have read 'General Theory.' Keynes believed in large government spending and deficits during downturns in the economy but for government to have surpluses during the good times, the trouble is our politicians are addicted to spending whatever the economic climate.
@@edoak1120 yea that's impossible ,it doesn't matter if we are in a booming market or depression it's always spend! spend! spend! like there is no tomorrow. They only like the "spending" part of Keynesian economics obviously, not the cost cutting
America is a socialist tyranny. Cooper told us so in 2001. There are hardly any universities left in the US, they are all training camps for the communist take over.
You can laugh about my statement all you want. Just look at what's happening: Women and Blacks are being used to ruin the country. The legal system is factually a system of arbitrary selection of good and bad, whatever is politically opportun and it's massively anti-white, digital white genocide is in full swing and you pretend you don't see.
It's over. It cannot be undone. You're on the way out and down and it shows in the abuse of military power abroad.
Prove me I'm wrong.
Oh how much we need him around !
Every generation seems to have to learn it the hard way. 🤦🏼♂️
A voice shouting in the wilderness! A prayer: "O Lord, please influence the people of America to watch every Milton Friedman video there is on CZcams"!!!!
I actually met Friedman at University of Chicago seminar back in late 70s. he was a little man with a big brain.
Did you join him when he went to advise the Pinochet dictatorship on how best to implement increased capitalist exploitation.
@@kimobrien.Exploitation? You're a communist, the name of the game is exploitation with you.
@@kimobrien.Shut up commie. Chile is the richest country in Latin America because Pinochet saved it from socialism
None of the conventional "isms" address the fundamental imbalance between human and property rights associated with access to and control over nature. In terms of labor and capital goods, nature has a zero cost of production. Nature is provided to humans for our use and survival. Almost alone among the great political and economic thinkers, the American Henry George presented a cogent argument for a labor and capital goods basis for property. Nature is, George argued, the commons from which all wealth is produced. Nature is the source of private wealth but is not legitimate private wealth. The ideal structure for accessing any part of nature is under a competitive bidding system for a leasehold interest issued by the community or society. Note that government is, then, the agent of the community and society for administrating such as system. As deeds to nature had already become a widespread norm, George argued that a second-best approach was for government to collect from every "owner" of land (broadly defined to include such natural assets with an inelastic supply as frequencies on the broadcast spectrum) the full potential annual rental value. This would serve as the fund with which to pay for democratically agreed upon public goods and services, with the potential for an annual citizen's dividend to be distributed. The term that best described the principles embraced by Henry George is "cooperative individualism".
Edward J. Dodson, Director
School of Cooperative Individualism
www.cooperative-individualism.org
Cut out the middleman
Who these days is such a wise economist like Friedman other than Sowell? It'll be sad when Dr. Sowell passes.
Very few Americans are missed. He was a giant! Thank God his common sense and wisdom still lives on u-tube🤗
If people believe in altruisn there'll be socialism
2021 and nothing has changed for the better.
1:38 We need widespread benefits and concentrated sacrifice
3:28 In 1945 there were 10,000,000 people employed on farms, and the Department of Ag. had 80,000
3:44 In 1992, 3,000,000 on farms and 122,000 in Department of Ag.
5:22 Clinton Liberals
6:38 We are not "governed by the people"
6:50 We have government of the people, by the bureaucrats for the bureaucrats
7:46 Reagonomics
8:08 Bush was opposite
8:22 Clinton same as Bush
9:31 Economic (profit) and political (power) markets
9:48 Importance of economic market has declined while government/political importance has expanded
Of course because as capitalism developed it more and more needs a state apparatus to settle all disputes and disagreements in ways that don't threaten the bosses monopolies and profits. Those who go rogue must be brought under control for the sake of the profit system as a whole
@@kimobrien. That isn't capitalism. Thats National Socialism.
FDRs socialism still alive and well in the US today. Our government is about 50 times as large as it needs to be, largely elected by noone, and usually answerable to noone. The problems in the United States have never been that the taxpayer hasn't contributed their fair share, yet the only solution is always to increase taxes.
This really depends on your definition of socialism, doesn't it?
Much of your complains can be traced back to the Powell mem0.
Business rules, deal with it.
Milton Friedman....great summation of our insurgent war
A brilliant economist with extremely well specified work aimed towards his ideas to better the improvement of what the economy should aim towards.
A great loss of a man who should be held to greater influence now that he is gone but to no avail yet, unfortunately
What the West needed is the elimination of monopoly privilege, or, more specificially, the elimination of "rentier privilege." We suffer from a redistribution of wealth from producers to non-producing rentiers. These are the individuals and entities that enjoy imputed and actual rental income generated by advantage associated with ownership of land and natural resources. There are also other sources of unearned rents, such as the control over take off and landing slots at airports or the frequencies on the broadcast spectrum. Any government-issued license that restricts competition yields unearned rents. Examples are liquor licenses, and taxi medallions.
Milton Friedman actually called for the taxation of rents, although it is not clear from anything he ever wrote that he realized this change in how government raises revenue represents systemic change -- in the direction of fair market capitalism.
So if you're not permitted to own anything (which requires saving and investing) what do you do with your excess cash? Ah right, holidays, drugs and hookers. What a Utopia you have created! I'm sure that will end well. ;-)
Awesome video clip, thanks for spreading the word and keep up the great work.
Too bad he's not alive today we need him more than ever god bless him and may god rest his soul.
Yet corporations and both parties find a reason to justify it every time they need a bailout
The only lives that truly matter are those who respect the lives of others.
sociaIism gets a Iot of power and benefits to those in government who impIement it, and that's aII there is, that's the aII appeaI it has
Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including my favorite, Thomas Sowell.
I just discovered him and what he says resonates with me as truth...
May I suggest you get hold of a copy of Milton Friedman's monumental 1980s television show Free to Choose! He created the series with his beloved wife Rose. You will not only be extraordinarily well educated by it but you will greatly enjoy yourself too! And after you've gone through Friedman's works, get your hands on ANYTHING written by Thomas Sowell, America's most brilliant thinker as well as another great free market economist!
u need to read more perspectives my friend :)
@@CamiloAM20 No actually Economics is pretty clear cut and Friedman and Sowell have done the very hard work of documenting what works and what doesn't in countries all around the world. At this point only extremely foolish people - or con artists - seriously argue for other economic systems.
@@johnscanlan9335 I mean, Friedman is an extremist, policy wise, and that not controversial at all among economists. Like i said, more perspectives.
@@CamiloAM20 Like I said Friedman documented what works. We certainly don't need to hear any more drivel from lunatic "economists" like Paul Krugmann!
Love watching/hearing Friedman speak.
brilliant I say Milton is simplistically brilliant
What we have though is widespread sacrifice and concentrated benefits, heavily concentrated…
My boss makes 5x what I make, and his boss makes 10x what he makes.
Why does Danny DeVito sound so different now?
Devito doesn't have a brain, he's a useless actor.
Danny DeVito isn't worthy enough to be hung by Friedman's jock strap.
This is my favorite comment 🤣🤣🤣
@@paulelago9453 Thanks, damn this is old lol.
Why are most of the videos in the playlist now deleted?
Wish you were here, Milton…
He is amazing. What a keen sense of humour and acute view into the very core of the things. ❤
Yeah it's almost like he was right. During clinton the budget deficit went down to 0, while under reagan it increased.
But what are facts when you have ideology..
Greed for power always results in more suffering than greed for wealth. Beware Socialism and it’s inherent greed.
Friedman can be anti establishment in a very humorous way. His reading of ethical government intervention needs some revisiting. Of course bad government and bureaucracy is criminal, it however can not be used as excuse to denounce fair and ethical government.
Capitalism and industrialisation is not one thing. Capitalism more so crony capitalism can not misappropriate the success of industrialisation ever. It however does on every occasion. Big habitual error by many economic experts too.
Free lunch is given by nature, none can stop you from having your free lunch. You are born with rights on earth. River water is for all or it is for none. Lion has a free lunch every day, so does the deer. Correct me if I am wrong.
When was this speech made?
Great points by a great economist!
Sure and how did all the gurus of Wall Street and American capitalism solve the crisis of 2008? The no banker left behind bailout act.
@@kimobrien.Why are you asking how capitalists solved a govt created problem that govt refused to allow capitalism to solve?
@@kimobrien.You've got a freaking hammer and sickle as your profile pic. Why not just admit you want to mass murder your political opposition at this point?
@@TuhljinTampergauge Capitalism is a social system not a holy ghost or invisible hand that works like a magician. It has leaders who are selected by the ruling capitalist class who manage the common affairs of the bourgeois class. It doesn't matter what kind of government that bourgeois class uses be it the the US/UK Saudi Arabia or NAZI Germany it is responsible for what happens.
@@TuhljinTampergauge The leaders of the two parties are all educated at the elite universities in the theories and methods of American capitalism. They create their own problems because of the natural way in which capitalism works. Other than bail themselves out what choice did they have? Turing the whole mess over to federal bankruptcy judges so they could spend years sifting through evedence to assign blame and make a determination of why the system failed?
This is what's missing from conservatism today: Big ideas that are easy for laypeople to absorb, as opposed to esoteric and prissy platitudes that only get through to media types.
I do hope 💜 His knowledge reaches no boundaries!. It's happening in South America now. 🎉
Wow, how complex those topics are, and how smart this man was, nobody could come up with these kind of thoughts. He made many countries happy.
Wow what intelligent arguments to counter a Nobel prize winning economist with, LOL.
His science is one thing, propaganda is another thing.
How can an economics ignoramus and crank (such as yourself) identify one from the other?
Still I managed to see the difference between his propaganda and science. How come that you (as a pretty smart person) did not see it. You are above all a decent and polite person, and on top of that, you are smart, which are all high qualities.
I made it up, that is a popular method in propaganda.
It may be absurd, but it shouldn't be surprising. It's less absurd than how wide the income gap has become. The wider it gets, the more appealing socialism sounds, especially to young people. Why aren't the opponents of socialism talking more about WHY socialism is on the rise? Instead they pretend that a complaint about the width of the gap is a complaint about any sort of gap. Nonsense. Nobody will be able to stop it if they don't want to acknowledge what's causing it in the first place.
You can't build an economic system based on how people "feel" or whether people are envious or resentful, etc etc etc. That path is utterly absurd. You have to ask sensible questions like: are the poor living in satisfactory conditions? Is the middle class doing well? Otherwise it's all relative. The average person today in the West has a vastly better standard of living than kings and queens of a few centuries ago.
J Steiner4791 This is not true actually. I've heard plenty of prominent conservatives and libertarians discuss this specifically. Just because you haven't heard about them doesn't mean they don't exist. Now with those politicians who are more mainstream, they tend not to message as well. The other thing, and I've seen this, many times even when you not only break down the failures of socialism, but then acknowledge whatever issue they claim to care about on the moral side while providing a potential fix, they disregard that too. Why? Now this is not all, but many of them think in this utopian fashion that you can completely eliminate poverty and everyone can be rich and provided for through government with less labor. You cannot artificially create and control an equal system of outcome. That's impossible. And that's not to say we shouldn't look into and try to minimize that, but socialism has never been nor ever will be the answer. When a person can't accept that reality-based premise, then there isn't much you can say to them.
>>Why aren't the opponents of socialism talking more about WHY socialism is on the rise?
I wish Milton were still alive. What a brain Milton had as well as biting wit. Goodness I miss him
I would like to live somewhere without the state telling me what to do or how I should live. is there such a place?
alguien tan amable que lo pueda subtitular.
muchas gracias!
we love Friedman
I think history shows that the action of the President may have ramifications way beyond their tenure. My interruption of the Clinton Presidency is that it was a lost opportunity to shape history by failing to demonstrate leadership when needed. Clinton was neither conservative nor liberal; instead, he was an opportunist.
This channel is great. Subbed.
But, we have socialism for the rich, and capitalism for the poor, so, we SAY we are capitalist, but our truth is socialism, disguised to support the rich.
Republicans go in rich. Democrats go in poor and come out rich.
Simply brilliant
A literal genius. America has failed magnanimously by not incorporating his popularized idea of a negative income tax.
Its just another hair brained scheme that would never be accepted. What good is a once a year payment?
The problem with endless attempts at subsidizing, welfare allowance and personal grants is that it just feeds a machine that is an endless money pit. The USA is a perfect example where people in need are struggling because of for-profit healthcare, for profit education. And the solution according to many people is to throw more money at these for-profit institutions (perhaps by adding "just work harder"). Surprise! A bandage now costs $1,000. A semester in a medium grade uni is $15,000.
Maybe if we used all that money to simply provide things we assume are basic human rights and necessities, like food, housing, healthcare, education, basic utilities and clothing?
Pursuing stabilisation is bad direction for business. Lack of stability is business motor. High risk, high reward, low risk, low reward.
His work lives on, thank you Milton Friedman. Truth stands the test of time.
Not really, refuted long time ago in academia.
@@m.x. Academia hasn't refuted anything. Bunch of woke Commies.
@@DruuzilTechGames Yep, you're not far removed from espousing Nazi talking points like Cultural Marxism, so just go on, pls.
Just added this video to my "definitive" playlist.
Loving your channel so far!
Thank you!
This was really interesting, I couldn't look away. I went to sit on the toilet - set the computer up on the sink, and then - without breaking gaze - I backed onto the toilet. The seat was up, and I fell in. Still holding gaze.
Friedman deserves to be listened to...but only so much. His anti-regulation nirvana was exposed as catastrophically dangerous during 2007. And the worst thing that happened in the Bush#1 years was the savings and loan crisis - brought on by deregulation, not government bloat. In his series, Free to Choose, he constantly lauds, not America, but Hong Kong, in particular, relishing that underpaid workers there could simply work longer hours at multiple jobs to get a living income. Marvelous. Here, Friedman's claim that authoritarian communism didn't work at all (it worked, very, badly, but well enough that we all felt threatened by the USSR) is proof that democratic socialism is absurd is itself...absurd. Only in an ideologue's mind are authoritarian communism and democratic socialism equal. Might as well equate fascism and democratic market economies. Unregulated capitalism was tried much more extensively than authoritarian communism and was great for a few elites, but terrible for the masses. Regulation of the cutthroat competition is what enabled the benefits of industrialization to finally spread to the lives of the masses. And in turn, that stopped communism from gaining serious ground in the democratic countries. Democratic socialism is unworkable? Tell that to Germany.
Very well said.
Communism never fell. Bureaucracy is communism
Wrong
@@golonkowiczpl I don't think so
@@dansaber5853 i do
And so it is. More bureaucrats add nothing of value, riding on the backs of the productive (private sector) people.
@@user-wq4tu7zh9m are you doing everything you can to help others in need?
this is Awesome,...!
Yes it is. But we've been bemoaning it since before 1917, well over a century. Need a better approach to countering the church of big government.
6:39 “We are not governed by the people, that’s a myth that carries over from Abraham Lincoln’s day. We don’t have government of the people by the people for the people - *we have government of the people by the bureaucrats for the bureaucrats.”*
This is why DJT was so hated. He was a truly anti-establishment outsider who challenged and sought to eliminate the bloated bureaucracy fueled by special/corporate interests. And the mainstream media outlets were all against him.
This is actually one of the few good talks by Friedman. I'm not a Friedman fan, but yes, the most correct thing he said in this talk is "we need widespread benefits and concentrated losses". Basically, gut the special interests and redistribute the benefits to the public...and all those widespread benefits would add up pretty quickly. Here's just a few: the US sugar situation, corn subsidies, oil subsidies, the real estate title insurance industry which is 90% a complete racket, and the list goes on. Now, I'm NOT saying that my list and Friedman's list of things that we both deem fall under the category of concentrated losses and widespread benefits would be the same, but the principle is correct.
One of the rare people who experienced shouting against him in capitalistic Sweden when he was receiving a Nobel prize.
Its nothing more than a price given for the newest theory in defense of capitalist exploitation handed out by the Swedish bankers.
@@kimobrien.Says the defender of the Holodomor.
@@TuhljinTampergauge The Communist movement underwent a split in 1928 before the Ukrainian crisis and famine of 1930 to 1933. After which a privileged bureaucracy took control reversing the communist course of the revolution and implementing forced collectivisation.. The Stalin regime exiled Leon Trotsky and murdered all the old Bolsheviks in the Moscow trials of 1936 to 1938. The Stalinist would lead defeats starting in 1928 China, 1933 German and 1939 Spain and France. After the 1959 Cuban revolution no policy of forced collectivization was ever used and the revolution never used any kind of purge of leaders and culture like the Stalinist Regimes.
@@kimobrien.Always excuses, never the ideology, always excuses
@@pkingpumpkin You want facts I give to you and then you insist they are excuses. You have a different way to interpret facts go ahead. The legality of the Russian revolution was argued before a capitalist Federal Judge in a New York City. The government ended up paying damages when it could not make its case in Socialist Workers Party vs Attorney General. Freedman is the one who ignores facts to make sweeping conclusions. He says capitalism brings freedom and democracy. Well why haven't the Middle Eastern Oil producing countries become examples of Democracy instead of brutal dictatorships where the religious police execute people by beheading in the street? I think you and Freedman are the ones making excuses. Exactly what ideology do you like that of different religions which so many wars were fought and continue to be fought over? Do like the lies told by your two party politicians and ideas like Bushes "Nation building" in Afghanistan and Iraq at the tune of 5 trillion dollars, millions of refugees and thousands of dead?
Then why didn't the government do this in 1979? Do you think 40 years later after this might work?
Some of what he says is very "short sighted". Most farmers will agree that they would like the government to "get out of the way". A stable food supply is imperative to a stable population. He is correct about the politicians misappropriating assets.
I very recently was an ignorant leftist, basically a sheep...but man was I looking at things wrong. Now i'm down in this rabbit hole of all these interviews, speeches, and whatnot by many very inspiring and insightful people. Boy am I glad I opened both my eyes and my brain to all this. Never was huge into politics or history or economics or anything like that but now I see how important these all tie together and how it affects society. I've never been this grateful, free minded, or educated in my life. I truly see the power in educating myself now. Huge respect to all these great thinkers and great people.
Very intriguing. I'm not sure what you mean by any of what you said because it's very vague. But intriguing nonetheless.
friedman is amazing...reagan and levin are my hero's
Canada has it real bad. Nothing works here anymore.
You would be happy about what javier milei is doing down here in Argentina sir.