Milton Friedman on Greed

http://www.youtube.com/watch?v=RWsx1X8PV_A

by anto210 • 15 years ago

1 3 15 years ago

mrleinad2• 15 years ago

One lie after another:

- "Is there some society you know that doesn't run on greed?" : Capitalism greed has been powered and carried to present levels by the capitalist system. Indigenous societies ran mostly on a community of people working together to satisfy the community's needs. There was an "ours" instead of a "mine". Socialist societies (when implemented correctly, nor Russia or China are) are an example of the pursuit of a "common wellbeing" rather than a "only my wellbeing".

- Citing Einstein as an "individual achievement" is incorrect, to say the least. Of course he was a genius and achieved a lot on his own, but most of these scientific achievements are performed through a team of colleagues, not by a "lone cowboy".

- All of his remarks point to a unregulated market, which was the seed of the 2008 crysis. For more information, see the "Inside Job" movie. There's no need to say anything else about that. I think the facts speak for themselves.

- "Do you think american presidents reward virtue?" And do you think american enterprises reward virtue? Or do they reward friends and family instead?

shiny• 15 years ago

How do you implement a socialist society correctly? Those indigenous societies (can you give some specifics?) probably did not operate under a socialist government banning property rights, but voluntarily worked together. There is nothing un-capitalist about this -- after all, capitalism is all about freedom (hence the title of Milton Friedman's first book), and people are free to do as they please. Even further, the people of these societies are probably closely related and thus more predisposed to help each other. It's not surprising large heterogeneous societies like ours don't operate the same way.

I saw "Inside Job" and did not come away with the same conclusions, and I think there is probably more to be said about one of the greatest banking crises in history than a 2-hour documentary. Indeed some poor regulations were factors in the crisis, but that does not mean that all regulations everywhere are good, and any kind of dis-regulation is bad. The internet seems to be operating fine without heavy regulation.

mrleinad2• 15 years ago

Specifics:

- Navajo: http://www.everyculture.com/North-America/Navajo-Sociopoliti...

- Mapuches, in South America. (sorry, couldn't find an english article): http://www.cholchol.org/es_mapuche.php

How do you implement it? Well, the problem with that, and the rest of your arguments lies in a specific point: Capitalism is about the freedom of an individual to get as rich as possible, disregarding anything else. It's not about your freedom to work with whomever you please, that's what democracy and work freedom are for. Oh, and in my previous comment I was not talking about banning private property, but about a culture of sharing. Most of the things we can think about today are in the realm of the "mine-theirs"...how about we bring back the "ours"?

In a nutshell, capitalism is about money. And whenever money occupies the place of humankind and their rights, shit will hit the fan sooner than later. You can adorn capitalism with good will through religion, with generosity toward poor people, with the theory of adam smith about the cup of the rich that pours over everyone.. but will still be about money.

And I'm not advocating for a communist-russian-cold-war state. That's as bad as this. What I'm advocating for is for policies that are centered not in allowing people to get as rich as they can be in the name of free market and illusionary progress, but on stablishing a minimum level of well being for everyone. You can't get that through capitalism, but I think perhaps it's so hard for people in the states to understand that because for years and years they've been brainwashed into thinking otherwise.. They still believe there's only one option.

PS: Sorry for my english, it's not my native language.

Milton Friedman on Greed

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