Friedman on Greed
Milton Friedman is asked if he ever has doubts about capitalism when 'it is based on greed'.
He gives a brief, strong answer.
Thanks to Janice and Alan King for sending me this one.
posted by Matthew Canonicus at
11:53 AM
5 Comments:
Darn, I can't open the video, I would have loved to have heard the answer.
Love this video clip!
I don't think it was that great. He basically just said "well it's better than those communists." Which is true, but he neglects other alternatives such as non-dictatorial communism and anarcho-syndicalism. Stalin and Hitler are not the only alternatives to capitalism.
I also don't think it's true to say "America became a capitalist country, and it grew to be such a huge economy, hence capitalism is what made it so large." America's growth was fuelled first by a rapid expansion of natural resources by taking all the land away from the Indians, and then the economic exploitation of other countries (e.g. latin america, south-east asia).
Friedman also narrows his vision to developed countries. In developing countries, there is considerable evidence to support the idea that free markets suppress growth.
Lastly, I find his concept of greed to be anti-thetical to Christianity. Is society organised such that every individiual is striving to maximise their own self-interest? It may be the case, but it shouldn't be the case. Jesus told his followers to not worry about (or to actively try to avoid) the accumulation of material wealth, and instead focus on serving others. Should a country be assessed by economic growth, where the vast majority of the benefits go to the already upper class, or by how many of its members are in poverty? The latter, I think.
Hi Lucy,
Here's the link to the video:
http://www.youtube.com/watch?v=RWsx1X8PV_A&feature=player_embedded
Hi Tim,
I don't believe greed is a noble motivation either. When someone wants to make a lot of money so their kids can have enough to eat, have good access to health care, and a good education, is that greed? (Unless you think it is somehow evil to provide for your children). And if you say the government is obligated to stop greed, are you imposing your morality on everyone else?
The Bible strongly emphasizes self interest over everything else. Jesus taught that people should find the worst seat at the table so the party host will tell them to sit in the seat of honor. He also told people to store up for themselves treasures in heaven. Would you object to Jesus telling him that such behavior encourages people to be greedy?
Just as some capitalists are greed-philes, all Communists are covetous because they hate it when hard working people make more money than they do. They dress it up with philanthropy (as Judas did) and say, "Oh, if only the luxury goods were sold and the money was given to the poor..." (while they are secretly plotting to take everything by force with taxes so they can get even with the rich).
At least with capitalism you have the incentive to succeed because you can keep what you make. In communism you do not have a vested share in the success, which is why communist countries have never succeeded and they never will succeed.
To say that there are exotic brands of communism that would succeed is a big leap. Every version of communism has massively, massively failed. If you're going to say that these failures would have been successes by tweaking a thing or two is not something you are going to easily persuade me of.
Can you think of a version of anarcho-syndicalism that has succeeded? Is there a non-dictatorial version of Communism? Remember that Gorbachov instituted democratiziratzia (democrazation) of Russia and what did the Russians do? They threw the dictators and Communism out of their country.
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