Milton Friedman on the Success of Capitalism vs. the Failure of Socialism.
Summary
Milton Friedman discusses why Capitalism and the free-market system has seen repeated success in reducing poverty and creating wealth over and over again. Socialism has failed repeatedly. Centralizing power in the hands of a select few is a bad idea. Yet, we fall for the promises it offers again and again.
More On capitalism
- “Prior to capitalism, the way people amassed great wealth was by looting, plundering and enslaving their fellow man. Capitalism made it possible to become wealthy by serving your fellow man.” ~Walter E. Williams
- Capitalism vs. Socialism
- Margaret Thatcher on Capitalism and Freedom
- Free-market Capitalism and Prosperity
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