Johan Norberg on the Impact of Milton Friedman

6/10/10

[@OmegaTou]

It's so strange, everywhere that is following Friedman's ideas is growing more and more prosperous, Chile, Estonia, Hong Kong. And places like Venezuela are falling to pieces. It's almost as if Friedman knew what he was talking about...

[@s3lim77]

Chile was a huge failure im not sure you know what you're talking about

[@OmegaTou]

@@s3lim77 a huge failure in what way? Compared to who? Chile certainly seems to be doing better than Venezuela.

[@s3lim77]

@@OmegaTou After the Friedman backed military coup Chile’s economy tanked. Within the first year of the new ultra neoliberal regime unemployment in chile went up 17% (from only 3% before to 20%). And then 9 years on in ‘82 it had gone up to 30%. They had a huge debt and hyperinflation. It got so bad that the government had to go back on themselves and renationalise some of the largest companies in chile. Even worse the only area that was succeeding in Chile was the still state controlled copper mining industry, which made up 85% of its exports. So please before u spout shit please know what you’re talking about.

[@OmegaTou]

@@s3lim77 "the Friedman backed military coup," ok, clearly you are not interested in having a rational conversation. They asked him for advice and he gave it, that's not something I would describe with the word, "backed." Also, unemployment on its own is not a valuable metric. The Soviet Union had 0% unemployment, so by your standards they must have had the GREATEST economy in the world. Just don't pay any attention to the millions of corpses and Gulag death camps...

[@s3lim77]

@@OmegaTou please be rational I’m begging you, you ignored most of the stuff I said, what’s the Soviet Union’s unemployment rate got to do with this. Also you’re clearly unaware of the hundreds of thousands (if not millions) of Chileans murdered by the Pinochet regime. I’m not even trying to argue that the Soviet Union was good I never even mentioned it just actually try and take in what I’m saying. Also Friedman literally supported Pinochet’s government that was literally his opinion you can’t change that fact.

[@bamatecangel7]

It is amazing to me how quickly people forget what makes things work when they get off track. My Dad was a farmer from birth as those before him. He told me that it only took one generation off the farm for 1 to forget what it took to put stuff in the marketplace. And I have seen that over and over. During the college years, lady friends would be disgusted when they found out I was a hog farmer. But yet they ate bacon, pepperoni and sausage pizza, ham, etc. with no idea that it came from a pig.

[@catlady664aolcom]

@XCritonX -- "The light and temporary pain of failure is much better than the serious and long term damage that comes from total collapse." Nicely stated. I couldn't have said it better myself.

[@Spjungen]

I can't wait for the revolution to take place. There is a big movement towards a free market in countries like Sweden. I'd say it's probably my favorite country on Earth the only reason I haven't moved there yet is because the businessplace is still pretty regulated and taxes are way too high. I pray that changes soon because if it does, I'm moving there in a heartbeat and staying.

[@BuyTheDip627]

Spjungen How's Sweden now?

[@gorgonzolaaa]

@Th3Wab3 you are concluding an incorrect causation from a meaningless correlation. With so few markets leaning toward freedom, who else are they going to neighbor?

[@AdurianJ]

Unfortunantley Friedman is a Keynsiean when it commes to monetary policy.

[@josephmoore4764]

This is exactly wrong. Friedman is famous for being critical of Keynesian economics

[@Th3Wab3]

@gorgonzolaaa im sure the opposite is true their are far more "markets leaning towards freedom" than socialist, ostracized nations... in fact America's version of free-markets leans more towards imposing trade monopolies with developing nations disobedience usually leads to force... what Friedman talks about sounds sweat but is purely impossible because people lack the ability to see the world as he does...

[@AdurianJ]

@UBSCARED Thats the same thing only the method is different.

[@Th3Wab3]

@gorgonzolaaa i agree with many libertarian principles but what is often overlooked are practices that exist based on short term gains and infinite beliefs as opposed to finite practices which acknowledge finite realities. it appears that practical socialism, capitalism, and communism have not acknowledged this and so tend to follow a path similar to that of Easter Island... relying on a competitive system tends to create more crooks and thieves than innovators... we've only had competition

[@louiethegreater7019]

Milts impact was the same as the World Trade Organization. (WTO)

[@Th3Wab3]

@gorgonzolaaa so im a liberal? what does that even mean? i never said anything about being pro capt or pro soci... what we have and have ever had is a mixture of the two some with greater components of other... workers have never owned the means of production and the free-market has never existed (well except for the black market). my point is that human ignorance and stupidity has always prevented the establishment and execution of the poignant principles most success derives from coruption

[@Spjungen]

I really love this man...a new member of the libertarian club! He appears to be Sweden's voice for free markets, Nigel Farage is Britain's voice, while Ron Paul and Peter Schiff are America's voice.

[@gorgonzolaaa]

@Th3Wab3 yes, people who are wrong are almost always "sure" that they are right. Do you see the irony in your statement? A "free market" "imposing trade monopolies"? Of course what Friedman talks about seems impossible, when most people can only see a socialist world. That's part of the point. Undo socialist ignorance.

[@Manni1122]

Amazon at 123 USD...

[@Akatam0t0ma]

Hail Friedman! :-)

[@gorgonzolaaa]

@Th3Wab3 you have confused societal principles with socialist principles.

[@Th3Wab3]

@gorgonzolaaa my statement was in regards to policies that take on the rhetoric of "Free market" or free trade ie: NAFTA, GATT or other stiffling corporate agreements. i think you fail to realize that the world is socialist it is not individualistic otherwise you would be able to birth yourself.. human survival and interaction is dependent on socialistic principles... human beings manipulate existing materials to serve them. they do not own what exists before them or after them...