This clip is from the 15-part lecture series, “Milton Friedman Speaks” www.ideachannel.com Transcript available via FreedomChannel: freedomchannel.blogspot.com Summary: A student poses a question to Milton Friedman in which he asks for an appraisal of just how exactly the riches that now exist in the so called “capitalist democracies” were obtained and how those countries became so rich so quick. Specifically he asks Friedman to account for the effect that having free labor derived from slavery allowed them to enrich themselves, and how the possession of colonies allowed rich countries to bleed wealth out of their colonial domains. Friedman responds by claiming it’s simply untrue that the wealth that arose in Western countries was due to slavery. Slavery was a disgrace and a blot on the United States’ record, but many rich Western nations did not have slavery. Britain and Japan did not have slaves when they developed and Hong Kong does not have slaves today. He goes onto claim that the facts are against the notion that the wealth was created due to the West exploiting its colonies. The reason people are quick to think so is that they have an ingrained predisposition to see view the world as a zero-sum game where if one man gains the other man looses. In reality a free market allows everyone to gain through mutually beneficial voluntary transactions. When the West colonized Africa they brought with them technology that greatly improved the condition of the people that …
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I’ve been to India and saw that Marxism is big there. And the wonder why China is better.
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god damn compare the people of today to those back then. it gets dumber every year.
@arzoyan Monetary serfdom eh? Funny, my standard of living as a common man is the highest of any common man in the history of humanity. No leaders or followers you say? Too bad we are a social creature. You neo-marxists as just as foolish as marx himself.
@koala8 these types are still everywhere. What a bunch of clowns.
0:50,
China had twice as many people than India had at one point?
0:56,
Yeah, like 130 million people murdered by the government
@5:25,
Without a need to store food, there was no need for pots. Without pots, the wheel would not have been invented. The wheel was not initially invented for transportation, but for pottery.
@7:35,
Stalin was Georgian.
lol @ the hippy guy asking the question…haha
@themetalgod21 Recover what colonies? Have you researched the data prior to and after the “new deal”? FDR’s policies, like Obama’s, simply prolonged and exacerbated the problem. Look up the facts and the data, stop spouting what you’ve been told. Search this on youtube: Thomas Sowell explains the Great Depression. He looked at the data, have you? I have. Research it, you’ll be surprised. While at it, read some Frederic Bastiat. Open you mind, think for yourself.
A classless, moneyless,STATELESS communities of humanity sharing the EARTH in cooperation for our common needs and well being . This world social harmony within and without can only come about through a democratic majority movement of NO LEADERS AND NO FOLLOWERS only consciousness of our common interest can shatter the false limits, the structrual exploitation and the dehumanisation of minority class rule. Monetary serfdom of humanity is evil
Respond to this video… recover the colonies.As for Keynesian theory it works.It worked in the new deal and it’s working now.Can you imagine if Bush (republican) didn’t bail out the companies.Billions lost and thousands out of jobs.The stimulus and the tarp created jobs,provided people with money to spend which could be taxed, money for schools and kept unemployment down.What if there was no government intervention?
@gdbalck Africa.Karl Dontiz said the only reason the Germans and the English went to war was that the English didn’t want Germany to expand it’s empire into the Caucasus.Only they were allowed to be imperialists!!!! How about England’s expansion into America and Canada they didn’t profit from that?If the American colonies caused the British so much money why did they fight to keep the colonies ,to exploit America’s wealth.Why did they attack in 1812??England at that time still would have liked
@gdbalck Let’s go with Friedman point of people vote with their feet.Well,Britain’s feet kept walking in colored people’s countries and stealing their mineral wealth.Their feet don’t walk into area’s without money.The only reason their imperialism came to again end were the World Wars.The whites in South Africa though still refused to leave the country and we had the apartheid problem and the sanctions against them.I can only imagine how many blood diamonds the Jews in new york have from south
@Theliberty411 Being a slick talker does not necessarily mean you’re a liar, just the manner in which you say things, for instances: I never said where ever there is capitalism, there is freedom, I said where there is freedom there is capitalism, and his remark about parts of Africa not knowing about the wheel until a certain period, basically implying to me they were uncivilized, and justifying the colonization of Africans to a certain extent.
@themetalgod21 You missed the point.
Over the entirety of the colonial period, the mother countries spent far more in maintaining their colonies than whatever wealth flowed between the mother country and the colony. Want proof of this fact? Name one nation in the world with substantial colonies? Colonialism was based on mercantilism. Problem is, history has proven that mercantilism eventually leads to stagnation and eventual economic collapse. See the USSR and British Empire’s collapse.
@themetalgod21 They aren’t written as if a child wrote them, they are written so that even a child can understand them. Keynes? Marx? Really? Every one of their concepts has been tried over the past century and what have they always yielded? Keynes is being tried by our government as we speak, for the past two+ years and what has it gotten us? Your mind won’t be changed, so why bother trying. You’re stuck with the same claptrap the hippie spouted.
@ptbwf Come on!!!!!!! England benefited from those colonies that’s why they were there.To say otherwise is not genuine.
@themetalgod21
maybe because England wanted to expand its empire, no matter what the cost?
Maybe England had a bunch of socialist retards who thought they would actually make money off colonizing countries that would inevitably fight England and waste England’s resources continuously so they could control those countries.
HOW can he sit there and seriously say that the United STATES is NOT a colonial country?!! I guess that whole 1492 columbus, 13 colonies thing, the genocide and subsequent 300,000,000 unwanted NON Native guests we have was all just a really BAD nightmare. I guess you don’t have to defend the atrocities of colonialism if you don’t even acknowledge its existence.
@gdbalck @gdbalck Please Friedman, was not nor will ever be considered a intellectual giant.Have you ever read any of his books, their written as if a child wrote them.Try reading Keynes’ general employment or some of Marx’s Das Kapital then read Free to Choose and there is a huge difference.Milton is outright lying about slavery and colonialism.Why would England try to control South Africa,Rhodesia,and India if it wasn’t beneficial??? Blood diamonds????
man, what a retard… blah blah blah. serious idiot. shut this blabbermouth up. not to take away his free speech just to end his verbal vomit.
Silly hippy trying to be smart before an intellectual giant. Not because he thought up things out of thin air, rather because he was an astute and honest examiner of economic reality.
Friedman’s right:African colonies under British direction were economically better off before decolonisation Zambia now has a GDP per capita 28 times less than British standards, in 1955 British per capita GDP was just 7 times greater.In fact, 40 out of the 41 former British colonies in per capita income terms are worse off now, only Singapore bettered its position. Now the average Briton is 200 times better off than the average person from Sierre Leone, in 1965 he was only 6 times better off
@thety5489
name one false thing he said?