Milton Friedman on Donahue 1980 (1/5)
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- Опубліковано 6 тра 2009
- Milton Friedman provides a direct and to-the-point defense of capitalism and free trade. He explains how governmental regulations, no matter how well-intended, are inevitably infiltrated by business interests which use governmental power to stifle competition. He also explains the economics of why drug prohibition doesn't work to control drugs.
Playlist for all 5 videos:
• Milton Friedman on Don...
We miss you Milton! Happy 100th!
Prof. Milton Friedman is a Breath of fresh air!! AT LAST!
He was also very respectful towards Ayn Rand. Many interviewers today would fail in such a task. Props to Donahue!
This was my favorite Donahue & opening theme
Wow! Did that interview really take place on commercial TV 31 years ago? What has happened to our society?
It is astounding how similar the political situation was then as it is now.
Thank you so much for posting this video series.
I love the classic lighting on here.
Finally the full interview!
Milton Friedman is a stud. It sucks he passed away in 2006. Thankfully, Walter E Williams, Thomas Sowell and Tom Woods are bearing his torch.
@taewsk People don't know how to interview now days. You're absolutely right. This is a classy interview and very informative.
We need more programs like Phil Donahue, that are thoughtful and inquisitive, not just attention-getters.
I would like to state that having debates is good for America.
@escapeout That is correct and I apologize for failing to mention Chile. I was aware that Dr. Friedman did consult with Pinochet over several economic issues in order to kick-start Chile's economy.
I find truth to be charasmatic. Milton shares truth. Churchill said that, "The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is."
you rarely see this type of programming anymore. I kinda miss it. every show these day piles on the pundits and they argue back and forth in a muddled mess. I give it up to Donahue keeping it simple, one guest and the viewer makes up their minds about what is said
@mrblujet It's a defense mechanism called Transference. For people who are in pain, they cannot face the true source of the pain, so they shift blame to someone else for immediate relief.
There is a lot to be said for the Austrian School of economics; my main criticism would be that its macrohistorical theory doesn't concord with what actually happened in every business cycle, although it is true that the ASE accurately describes many examples of booms and busts.
the source of all the problem in the world ... it ultimately boils down to this point ... the point mr friedman said at 6:36 about government ... excellent point
@cesarojas182 which of the market do you call "free" US or China? Besides that you are free not to buy an iphone - alternatives are available for as low as $20. Apple has an unique product - they charge for it as much as they can, what is the problem?
Pretty amazing how he's talking about government being too large in 1980, and here we are 32 years later with a government that just kept getting bigger and making the citizen smaller. Milton would have something to say about our country today.
@taewsk
I was thinking the same thing. To think that to people that were so opposed in ideology could interact so respectfully reminds me of how much our society has lost in my lifetime.
@taewsk No doubt. There is too little of this kind of conversation on tv these days. I guess you can put Charlie Rose into this category with very few others behind him.
@WelfareRobot donahue is relatively daft in comparison to say mike wallace, but i've seen him ask some REALLY insightful questions at times.
No, it has to do with the incentives. Regulating an industry gives that industry more incentive than others to have themselves benefited by it...whereas the consumers are diffused across the nation.
Plus, if you watch Free to Choose on ideachannel(d0t)tv he mentions in one of the discussions that he supported freedom based on principle...but it ALSO just so happens that it usually leads to more favorable material results as well.
You have to give Donahue credit for having him on his show. Do you think Oprah would have a Milton Friedman on?
I agree. Considering how forceful Rand was in her views, nowadays an interviewer would lose patience and resort to destructive attacks in about 30 seconds.
Dam! My Childhood!
@Piercedblood when referring to the dictatorship of the proletarian we are not talking about a small group of people, we are talking about the majority of the population. The dictatorship will be against the bourgeoisie same as they have been ruling the world. The USSR became a capitalist state when Stalin took power. Like I said before clear examples of socialism are the Paris commune and the first years of the Russian revolution when Lenin was alive.
It's very important to distinguish between the hypothetical market, and the REAL market. (Libertarians can never seem to do this.) The hypothetical market operates according to purely objective laws of supply and demand, that put pressure on prices, and thus the behavior of rational and self- serving individuals.
@cesarojas182 It isn't exploitation, it's just the way it is in those countries where big companies have their factories. The cost of living is lower in proportion. And as for selling the product much higher than manufacturing costs... where do you think the difference goes?
He was SO right! Sadly, govt has grown gigantically since 80' . WHY didn't they listen to him!?!
@MikeTMerciless There has been public education available in the US since the beginning. It wasn't compulsory and everywhere, but it was available in many, many places. Many modern educational theories were developed during that time by the teachers of public school houses. No, I don't want kids to use drugs, but anti-drug laws promote drug use by young people. Most kids can get drugs easier and faster than they can get beer. Prohibition NEVER works when you can grow and cheaply produce drugs.
I wish Peter Schiff had the kind of exposure and influence today that Milton had then
@taewsk I think Stossel comes close to a respectful interviewer, more so than others
Near the end for a second is a lady with big round glasses, those type of glasses were popular back then.
@iowafalcon spot on!
He walks out of that tunnel like a prize fighter..
@heavym3tal agreed.
@pantherfan3763
no because oprah winfrey doesnt want to get demolished by her guests
Donahue needs to quit interrupting Milton, what Friedman has to say is so much more valuable and entertaining.
Why couldn't he have his own show?
@leakanddestroy He did....it was called Free To Choose
@WelfareRobot lol the oreilly factor in a nutshell XD
@taewsk
i totally agree. donahue and carson had class. something todays talk shows hosts lack.
oprah is so annoying, she asks the guest a question, then keeps interupting them. and those women on the view are beyond irritating. the guests barley get a chance to speak.
i uhhhh...never said it was or even talked about the international market? The point was is the people who say "cuba rocks" are all the rich celebrities who would stand to gain the most by moving there. While for the people who live there, it sucks.
What happened to Donahue's hair between 1979 and 1980? Did rising inflation really have that great an effect on his nerves?
@joeroppolo it is amazing how true his statements ring today. Unbelievably the government is still making the same mistakes as in the 70s and 80s; in fact their mistakes are more profound!
So refeshing to see someone admired for their intellect and not their hairstyle or most recent movie role. Milton Friedman changed my life when as a college student I witnessed him destroy an auditorium full of left wing socialists with a calm and unerring logic, never once succumbing to ad hominem nonsense or hyperbole. It's also admirable that someone otherwise as clueless as Donahue would have him on.
@bythedog Care to explain how he fails to understand "the system"?
LOL :) The lady @ 5:49 giving a nasty look at the cameraman...
@insaneWW2freak he is quite the intellectual
@onefodderunit (3) Whom I consider to be the most productive to society or not is hardly relevant, and your approval of who I consider to be most productive to society is even less relevant.
We need to end fractional reserve banking and allow competing money. Gold standard is cool but I will disagree with some of the Austrian gold standard folks. Nothing is wrong with paper. If the supply of paper money was fixed and only grew in proportion to the increase in number of people on the planet there would be no inflation. The problem? You can't trust politicians and never satisfied bankers. A good book to read on money is "Guide to Investing In Gold and Silver." Fantastic read.
@solidysnake1
Circular reasoning. How can you prove Friedman's ideas without supporting them first? Lack of proof doesn't mean Friedman's ideas aren't good. All great ideas, at their inception, were unproven. This doesn't make them invalid.
ooh since 1979 phil got some glasses to look more sophisticated next to milton lol
@whitesox889 anything that accumulates wealth is capitalism. That is the basic idea of capitalism and that is what the Soviets did under Stanly. Would you agree that Wal-Mart is a monopoly? Just to be here on the same page, socialism means that the means of productions are control by the workers. Under capitalism you have it control by few people on the top, and that’s what you had in Russia and that what we have in every corporation
@MikeTMerciless That isn't what I said. I don't think drugs are good, but I think prohibition is far, far worse. Prohibition creates black markets, violence, forfeiture of ANY regulations, drugs of unknown purity, drug pushers, arms gangs, etc. It also introduces people who might want to smoke pot to the drug underworld where they get exposed to much harder drugs. It also undermines the rule of law and turns normal people into criminals. Drug dealers turn neighborhoods into dangerous ghettos.
@solidysnake1
There was a 60% nominal growth in government under the Reagan administration, so, no Reagan certainly didn't take Friedman's advice. He may have advocated his ideas, and he may have campaigned with promises to reduce government spending, but in reality it didn't happen.
In the past 80 years, the US government has continually increased it's expenditures relative to GDP. Unfortunately, Friedman's ideas have never been demonstrated with any administration.
@bonfirejovi Friedman was NOT against Fractional Reserve Banking or the Federal Reserve.
@whitesox889 Peter Schiff and Ron Paul are close
@whitesox889 I argue that Thomas Sowell is his successor
@MikeTMerciless The gov has a role, but it's a limited role. The gov has no business trying to regulate morality or to protect people from themselves. If someone does drugs, gets drunk, and hurts another person, they go to prison. But if a person gets drunk or high and passes out on his couch, it's nobody's business but his own.
@ralliart2000 The workers in those factories can not even buy the products that they are making because their wages are so low. The difference goes to corporate america to the capitalist. That difference is created by the workers and not the capitalist and they do not get a dime of it. The working class has to take power of the means of production to end exploitation.
the free market IS the real market.
Man.. at least these older shows had the decency to get a person's position right before asking questions and challenging them on their views. Now it's just "answer the question" and strawmen, left or right.
@MikeTMerciless I think this can be said about most politicians, though there are some who are genuine and who's votes are not for sale.
Are they wearing the exact same glasses?
@MikeTMerciless I didn't say that you didn't. The simple fact is that gov is involved with education and that isn't going to change, at best, it will go back to the states. Why SHOULD drug tests be mandatory? What difference does it make if a student does drugs outside of school? Who do you want supervising your child's urine sample? Most drugs are out of the urine/blood in days, so how often should the "mandatory" drug test be? Who pays for all that drug testing?
@MikeTMerciless If everyone is going to become moral on their own, what do you have against freedom? NO. What you want is to use the power of the state to enforce YOUR views, YOUR morals and YOUR ideas on EVERYONE ELSE.
@whitesox889 so 30 years is not enough for the free market to destroy poverty?? how many more years do they need??? Like I said in Chile there are a lot of wealth people and a lot of poor people !! this inequality has increases tremendously since the shock doctrine was implemented
Thomas Sowell has already kicked Zinn's ass all up and down the block. And without ever getting out of his own lawn chair.
@WelfareRobot towards the end, he started down that path though.
@whitesox889 I guess in some way Thomas Sowell is a sufficient Friedmanite
Government is too big? Maybe. But so are the major banks.
@onefodderunit : Ok... (1) First of all "Truth" in this world is highly subjective. One mans "truth" is another's "Falsehood. Unless of course we are dealing with higher spiritual truths, which sustain the test of time in any age. I personally don't have any particular claim of my truth over yours. It doesn't mean I dislike truth. I simply don't agree with your perceptions of it....
@whitesox889 The Soviet Union is a great example of how capitalism fails. IT is because when Stalin came to power after killing the true revolutionaries , he implemented a state capitalism system where the state was the solo corporations allowed in the Soviet Union. It had the control of the means of productions and the workers did not. There for it became a regular corporate monopoly. You should read more
@whitesox889 have you read The Capital by Karl Marx, Is one of the best economist book out there. The only 2 example t hat i have of socialism is the Paris Commune and the first years of the Russian revolution while Lenin was alive. So managers are better than workers?? you are telling that through our history we had managers that controlled us and we have CEO that took most of the profits created by the workers?
Anybody else realize Donahue reads at about a 5th grade level.
@MikeTMerciless So because I am against mandatory drug testing by the gov, I want anarchy? Applying for a job is a voluntary action, going to school isn't and furthermore, an employer isn't the government.
@onefodderunit The Federal Income Tax was enacted in 1913. Friedman was born in 1912. Your comment is not only ignorant, it's bigoted nonsense.
@TheAlhero The government. What is your point? Being held responsible for hurting another citizen isn't the same thing as the gov deciding that what you do with your own body is their business. Drug crimes are just as bad as throwing children in jail for taking nude pics of themselves.
@rodycohen What a disappointing mess of thought. We don't need a personal affirmation. We need a leader and representative whose message can clearly and favorably be heard by people who do not currently hold our values or even heard of our ideas.
40 % ? good times back then ....
It's natural for people to always look to government for help, thats what sucks.
@JonasGerman We do not have capitalism today. We have corporatism.
Milton Friedman was the courts libertarian.
should of been the prez
@cesarojas182 the charge the amount that is dictated by the market, in fact I would charge twice what they charge right now. As for exploiting the workers , no I do not see a problem, since I do no know what you mean. The pay the undedicated person without any skills livable wage(it is livable in asia). In fact they actually provide valuable service by employing these over all useless people, since without such employment they probably will starve to death.
@mrblujet They did and it didn't work. What do you think happened during the 80s and 90s? Deregulation. Now we're experiencing the consequences.
@whitesox889 Dude you don’t know about the Chicago Boys in Chile ?!! Look it up. The reason the " free Market" does not work is because it is only free for the people who have the capital. It is good for big corporations but not for us the working class. Look what is happening with world economy. Remember what the free market says? that it will fix itself then why did GM, AIG, GS and more went and asked the government for bail out ?!!
@onefodderunit : I can see its pointless arguing with some one as blinded by bigotry such as your self. Believe me I've done more research into The Federal reserve system. Why it was set up. Why America is in such dire states economically and socially. As for your question "Who is it that you claim has had *the most positive impact on society*" I believe I've already answered that in my previous post. You can have your last word on this nonetheless.
i wonder how the media came from this to the view ths days??
@whitesox889 Peter Schiff.
Prof Friedman appears to conveniently ignore the fact that the poor & disadvantaged ALSO 'inherent' [many] talents. However, in this society because (among some groups) of historic injustice they also inherent economic & social inequalities. No (liberal) moderates are arguing that the state should take all of a families inherited wealth ;but, since all pple benefit form the collective production of the poor, there shd be limited REDISTRIBUTION. The civil rights movement DID call for quotas.
@MikeTMerciless You advocate prohibition. Not only is it wrong, it's illegal. Ask yourself this. If the gov had the power to ban drugs, why did they have to pass an amendment to ban alcohol (just another drug)? They passed the amendment because they knew they didn't have the constitutional authority to do so.
@USASecretHistory Buddy, you're just throwing out platitudes now when you mention things like "the wealth went to the top 1 percent" and "CEOs earn about 300-400 time more than the average worker". Why was it that during Pinochet's funeral it was the older Chilean population who held posters of Pinochet and were waving Chilean flags' during this funeral? After all, these were the people who saw firsthand Pinochet's rule. I also never saw too many people defect the USA to go to the USSR either !
@USASecretHistory Yeah? And who approved the mergers that assisted to make the banks as large as they are?
@onefodderunit (2) having said that, I consider it arrogant to deride an individual in the manner you have done in your comments simply because you disagree. By making a statement "Unfortunately, the atheist's ashes were dumped in SF bay, so people can't urinate on his grave directly" amongst others,you not only show your self to be arrogant and rude. But also part of the same status qou you may well despise. But then again I guess you have the freedom to show what you really are.
@myhipsi then how can anyone support friedman's ideas if they haven't been proven?!
@mrblujet And who gives money to the politicians in the form of campaign contributions? You know Obama's new chief of staff worked for JPMorgan.
@mpvallejos yeah, but chile just is corrupt and has very little capital. so even if the very few rich were taxed heavily in chile, and a large percentage of that money went to education for all citizen, there still wouldn't be enough for that education to be decent. sorry
@cheburashka1326 the problems is that they are charging 500 for an iphone will the cost to making it is very little. They are exploiting the workers who build the Apple products. you do not find a problem in this????