What Did You Say?

Ya’ know what’s fun? Watching a capitalist destroy a socialist in 2 minutes  flat!

The brilliant Milton Friedman preached the truth of capitalism being the best  economic system for humanity throughout the 70’s, 80’s and 90’s. In 1979, he  went head to head with popular talk show host and noted socialist Phil Donahue.  With stunning ease he skillfully pulls down the liberal talking points about the  supposed “evils” of capitalism and proves that, while capitalism may be flawed,  its flaws are not unique to itself. Friedman destroys Donahue’s objections to  capitalism by pointing to history and by comparing it to other economic systems,  showing that Donahue’s objections to capitalism are also inherent in his  preferred system of socialism.

My personal favorite line…

In the only cases in which the masses have escaped from the kind of  grinding poverty you’re talking about, the only cases in recorded history are  where they have had capitalism and largely free trade.

Phil Donahue:  When you see around the globe the maldistribution of  wealth, the desperate plight of millions of people in underdeveloped countries,  when you see so few haves and so many have-nots, when you see the greed and the  concentration of power, did you ever have a moment of doubt about capitalism and  whether greed’s a good idea to run on?

Milton Friedman:  Well, first of all, tell me, is there some society  you know that doesn’t run on greed?  You think Russia doesn’t run on  greed?  You think China doesn’t run on greed?  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.  The great  achievements of civilization have not come from government bureaus.   Einstein didn’t construct his theory under order from a bureaucrat.  Henry  Ford didn’t revolutionize the automobile industry that way.  In the only  cases in which the masses have escaped from the kind of grinding poverty you’re  talking about, the only cases in recorded history are where they have had  capitalism and largely free trade.  If you want to know where the  masses are worst off, it’s exactly in the kinds of societies that depart from  that.  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.

Phil Donahue:  But it seems to reward not virtue as much as ability  to manipulate the system.

Milton Friedman:  And what does reward virtue?  Do you think the  communist commissar rewards virtue?  Do you think a Hitler rewards  virtue?  Excuse me, pardon me – Do you think American presidents reward  virtue?  Do they choose their appointees on the basis of the virtue of the  people appointed or on the basis of their political clout?  Is it really  true that political self-interest is nobler somehow than economic  self-interest?  You know, I think you’re taking a lot of things for  granted.  Just tell me where in the world you find these angels who are  going to organize society for us… I don’t even trust you to do that.