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CSE 3 Intro Milton Friedman on Donahue- Greed

by Joe Calhoun

Milton Friedman discusses how every nation has greed. He uses Albert Einstein and Henry Ford as examples to illustrate how innovations are not brought about by government bureaus, but instead by private actions. He then illustrates how the only cases in recorded history through which large populations have escaped poverty is through capitalism and free trade. Phil Donahue suggests that capitalism rewards people who can manipulate the system, and doesn't reward virtue. However, Milton Friedman responds that both autocratic and democratic governments also do not reward virtue, but they reward people based on their political connections.

CSE 3 Intro Milton Friedman on Donahue- Greed

Milton Friedman and Phil Donahue discuss greed, the perception that capitalism is greedy, and how capitalism is no more greedy than any other system yet its people are better off.

from Donahue (1979)
Creator: Multimedia Inc./Phil Donahue
Posted by Joe Calhoun