GREED

Economics

Milton Friedman video on "Greed:" Is greed really necessary?

The University of Chicago economist Milton Freidman was famous for his endorsement of the capitalist system and the concept that 'greed is good.' Friedman believed that capitalism was the source of all positive human development and intellectual ferment. Capitalism had improved the lot of the individual worker, even though capitalism had occasionally been unfair in its allocation of resources and did not reward virtue in a just fashion. Communism, in contrast, was a system driven by political, rather than economic self-interest, and the end result was far worse for the average individual. Capitalism at least permitted some form of social mobility and the possibilities of change for people who worked hard, while communism created a calcified system where the party elite, not the 'best' rose to the top.

There are many objections that can be raised to Friedman's relatively...
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