Milton Friedman on Hayek's 'Road to Serfdom; 1994 Interview 1 of 2 Socialism Debunked! 

Because we can realise our own potential. If that got out they would be in real trouble. 😀

Because most people are not interested in listening to facts. Why do you think we are in the mess we are in today?

Because capitalism has not been a success and we all know it.

@@Puzekat2 The society you live in is not what Friedman advocated for. Capitalism's success has only declined with increasing authoritarianism.

I like him a lot, but i think it is hayek

​@@upstateNYfinest let's say both. Both are the actual beacon of hope in this wretched world other than your faith in your choice of religion. The next generation of libertarian, in whatever race, religion, sex, should build their intellectualism on these gentlemen literature. I am a libertarian from a far East Asian country, they will always be my inspiration to try and contribute to my nation development.

+Colby Kuzontkoski I'm agreeing with Friedman. I wish more people would listen

Depends entirely on your definitions of socialism and capitalism. By the American definition, the most successful European societies are socialist. Since they have free universal healthcare, free (higher) education, and robust social systems to redistribute wealth. If you demand that in the US you are called a socialist. So Socialism can only be viewed as a failure if you only look at communist societies. Capitalism's success on the other hand depends on the metrics in which you measure. Do you measure economic growth? Do you measure upward social mobility? Do you measure environmental impact? Do you measure inequality? Do you measure its effects on democratic governance? No question capitalism creates unprecedented growth, although that is not limited to free-market capitalism. Europes comparatively tightly regulated social-market economies also produce this kind of growth and wealth. They even distribute this wealth more equally, which is from a normative perspective more fair and just, and from an economic perspective a more efficient allocation of capital. Upward social mobility collapsed in the US in the 1980s with Reagan's neoliberal reforms. His reforms uncoupled economic growth and the growth of real wages, leading to accelerated accumulation of wealth at the very top while the middle class stagnated and eventually began to shrink as the lower class grew. Growth continued to be massive and with it, consumption and the environmental footprint grew. Climate change is a result of this enormous productivity, but blaming capitalism for climate change doesn't make sense. Non-capitalist societies are just as harmful to the environment, they just usually don't have the means for this massive impact. But the thing we can blame capitalism for is that it doesn't have an answer to climate change. As a result of neoliberal reform, capital accumulated at the very top freely, and with this massive accumulation came political influence. In theory, markets self-regulate. If a product has harmful effects, the damages are supposed to be priced in and competition would replace that product with less damaging alternatives. For this principle to work, negative effects need to be immediate. But with climate change, the consequences of the product in question (fossil fuels) are diffuse and at least a century in the future. So the damages fossil fuels do aren't priced in. And the massive power of the fossil fuel industry is used to protect its fossil fuel profits and prevent governmental regulation that aims to mitigate climate change. So capitalism, or at least neoliberal capitalism, as Friedman and Hayek have proposed it, has created an economic death cult willing to sacrifice our global stable eco-system for short to medium term private profits. I am sure Friedman and Hayek never intended that, but nonetheless, the direct line from their ideas to the current day American oligarchy is very obvious. Their overemphasized disdain for the government turned out to be the downfall of their ideology. Instead of a government distorting the free market we now have massive conglomerates and monopolies distorting the market, driving a development that is completely out of step with human interests.

@@BangThaBazie as soon as you say something about climate change no one can take you seriously

@@james3522 You do not believe in man-made climate change?

@@BangThaBazie The catastrophising isn't a good look. It's also kind of ironic you would mention the 'successful' examples of soft socialism (or whatever term) in Europe. Norway, for example, pays for all its social programs by exporting the huge quantities of oil it drills from the North Sea.

​@@harryradley Thats not even true. Norways has a fund in which every citizen has a theoretical budget based on their oil riches(it is about a million $ per capita), but their social systems are independently financed. But let's look at the other side: Why does the world spend 6.8% of the global GDP on fossil fuel subsidies? (according to a recent study by the IMF) That is socialism for fossil fuels and to a greater extent than any social program. 6.8% of global GDP is literally 6.8% of all the value created on the entire planet in one year. All that money is only spent to artificially keep an uncompetitive industry alive - fossil fuels. Free market my ass. Why is it that we can socialize the losses of private industry, but privatize the profits? We bail out banks, airlines, car manufacturers, subsidize low wage employees of companies like Walmart, all that is taxpayer money being used to socialize the losses of private industry, while all the profits remain private as these companies usually use any and all tricks to avoid taxes on top of being subsidies left and right. Why is it that the US can spend $750 billion of tax payer money on war every year and no one bats an eye, but spending just a fraction of that on healthcare, education and other social services and everybody becomes concerned about "spending"? This isn't a free market, this isn't even capitalism. This is just pure corporatism, in which the most powerful big money interests have enough political influence to make governments support their private business with taxpayer money. And they also have enough control over the media to tell the dumb gullible people that this is the way it should be and everything else is like "Venezuela". None of this is rational. We are in the process of destroying our global eco-system for short-term private profits. This will go down in history as the biggest mistake humanity ever made.

Libertarians claim that the recession was worsened because of the new deal

Yes and also, the cause of the recession itself was a *failure of government* and the USA government today recognizes this

@@upstateNYfinest yh it was

@@upstateNYfinest yeah, cause it was

trying not to be boring here, but if you apply Friedman's data that the monetary base more than doubled from 1915 to 1920, as well as an increase of about 37 billion to about 57 billion from 1922 to 1928-29, with Hayek's theory of misalignment of goods capital by monetary expansion, this explains the depression. The subsequent expansions of the New Deal prolonged the crisis and clearly did not fix the unemployment that only went down after the second war

Actually you know nothing

There is virtually no relationship between population and current social problems. The statistical correlation between amount of resources, emissions, wealth, anything, and total population is very weak. That argument was almost entirely debunked in the 80s after all the overpopulation arguments about unsustainable problems and fear of downward spirals were completely proven wrong when the trends reversed, when wealth, poverty, emissions, and wellbeing all improved despite population increase. You are just flat out wrong.

@@dr.dfargo2921 Yes I agree with you.

​@@VincentWeisTheThirdI said 'what do I know' That means I might be right or wrong.

well then you realize wrong. One thing is equality before the law, another is equality of capacity, of skill, competence, and character. And in those we are not equal.

We can also replace it with central bank.

Except they're held accountable by the market. And such things like bitcoin are entirely decentralized. They can't be tampered with.

It's not the same thing. Private corporations can be opted out of. They are subject to the voluntary buy in (or buy out) of their patrons. The state however has the power of legislation and fiat they can use to part you from your money. Huge difference sir.

@@maambomumba6123 some modern corporations are too big to fail, hence you are wrong

@@mnazaal only by the intervention of a government. Keep the government out of the market and no corporation is too big to fail. Not one. There are businesses that people thought would last forever. They are nowhere significant today or not in existence period. Market capitalism does that because of its inherent competitiveness. "Too big too fail" simply means a corporation should be protected from the competitive reality of the market.

By limiting the number of people in the profession it will artificially increase the cost of the service (supply and demand). Ik this doesnt seem like a problem now (mostly because law school and the bar exam are a joke), but if the govt decided to make it at all challenging to get barred this would happen again. This has also happened in industries like medicine, plumbing etc

I don't see exactly how you can look at a man who both fought to end conscription and advocate for school voucher systems as someone trying to turn around and lock the door. He spent the better part of three decades fighting for better education through vouchers, charter schools, the benefits of which disproportionately help the poor and ethnic minorities. It's more like he jumped over the gate and tried to cut it open to let everyone else through.