Milton Friedman pleasantly and lucidly praised capitalism on Donahue in 1979. Hat tip to Reason Magazine. Please read “Do more than light a candle for the patron saint of capitalism.”
“The power to determine the quantity of money… is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power… Any system which gives so much power and so much discretion to a few men, [so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank.”
Watch Volume 3 of Milton Friedman’s 1980 PBS series Free to Choose “Anatomy of a Crisis.” Also watch parts 1 and 2. (Note: the Chicago and Austrian schools do not agree on the cause of the Great Depression.)
Milton Friedman’s PBS series, Free to Choose, Volume 2, from 1980. Also watch Volume 1.
Milton Friedman’s PBS series, Free to Choose, Volume 1 “Power of the Market” from 1980.
