Milton Friedman Explains Free Markets

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December 14, 2008 @ 22:30 UTC

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Via Rebuildtheparty.com comes this fascinating, almost 30-minute video, of Milton Friedman explaining the virtues of the free market and the vices of government intervention in the economy. The video truly is required watching material for all interested in this specific subject.

That does not mean, of course, that I endorse Friedman’s views wholly. One of my caveats with him is, for instance, that he did not truly seem to understand what conservatism is. He described modern day liberals as ‘conservatives’ because they want to keep the system as it is: with a big, intrusive government actively ‘helping’ people.

Friedman came to the above conclusion by arguing that conservatism is about ‘conservatism the present state society is in.’ Although that is correct to a degree, it misses the larger point that conservatism teaches that human nature and the universe itself are governed by certain rules, which we can discover by studying the past. Conservatism teaches that breaking with these rules will prove destructive.

This means that conservatives can very well argue that, if these rules have been ignored for the last 50 years, change has to come. This change is not radical change, however, in so far that it is nothing more than practicing the rules mankind has always been governed by and that our forefathers adhered to, consciously or subconsciously.

Click here to view the embedded video.

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