In this video, Mr. Friedman meditates on greed and virtue. Donahue asks: "When you see around the globe the mal-distribution of wealth, the desperate plight of millions of people in undeveloped countries … when you see the greed and the concentration of power, did you ever have a moment of doubt about capitalism and whether greed is a good idea to run on?"

Friedman responds, "What is greed? Of course none of us are greedy; it's only the other fellow who's greedy. The world runs on individuals pursuing their separate interests. … In the only cases in which the masses have escaped from the kind of grinding poverty you're talking about … they have had capitalism and largely free trade. … 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."

Later, when asked by Mr. Donahue whether capitalism rewards virtue, Friedman says, "Is it really true that political self-interest is nobler somehow than economic self-interest? … Just tell me where in the world you're going to find these angels who are going to organize society for us? I don't even trust you to do that!"

Source: www.nysun.com

Views: 3,133
Added: 14 years ago.
Topic: 9. Chicago School