The Phil Donahue Show: Milton Friedman- ‘Why Capitalism is Best (1979)’

Source:Common Sense Capitalism– Economics Professor Milton Friedman, on The Phil Donahue Show, in 1979.

Source:The FreeState

“Milton Friedman On Why Capitalism is Best”

From Common Sense Capitalism

Phil Donahue essentially trying to make the case that private enterprise and capitalism is somehow greedy and all the angels and unselfish people work for government, with the role of regulating how the rest of us live.

With Professor Friedman making the sharp and quick response to that by boomeranging Mr. Donahue’s point against him and rhetorically asking him: “Do you think Russia and China doesn’t act on greed and aren’t greedy.” As well as asking him if he’s aware of a successful society that doesn’t act on greed.

Webster’s definition of greed: “a selfish and excessive desire for more of something (such as money) than is needed” We all want more than we need in life (except for Angels and Saints) so we have security and not have to worry about how we’re going to pay our bills and take care of our families.

There can be too much of anything in life, as well as too little. But if you eliminate greed, you’ll have a lot more poverty in America, as well as anywhere else, because you’ll have fewer people wanting to be successful in life and getting the skills and knowledge to be successful, because they won’t have that self-motivation to be secure and have more than they need to live well.