If colonialism paves the highway to riches for colonial powers, why were Russians in the former Soviet Union so miserably poor? Milton Friedman explains, in this 1978 video clip.
Colonialism and Prosperity
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Thanks for posting this link. It was interesting to see the similarities in the approach used by the student questioning Milton Friedman and the students of today’s left. When asked to get to the question, he says, “I would like a little free speech here too.” He doesn’t realize that the constraint of time means that his monopoly of everyone else’s time is infringing on the free speech rights of others. There appeared to be some minor attempts to talk over Friedman, but I think that the make up of the room probably was more evenly divided between free market types and socialist types (and fat lips could have resulted from such rude behavior).
What was also similar was the cocksure attitude of the questioner. He had no facts to back up his statements, but he looked as though he was certain that he was pinning Friedman into a corner. I wonder if Friedman’s facts hit him like a 2×4 or if he just through them out the window as they did not fit with his pre-constructed narrative. I would have liked for the camera to focus on the questioner’s face just to see what the reaction was.
I always enjoy Friedman’s ability to communicate with an audience like this. It is an important gift – shared by the Cafe’ s hosts – to convey important concepts to the lay person.
Big difference between then and now: on campuses today, a dialog like this would never take place. The faculty wouldn’t allow someone like Friedman to speak. And you can see why. His answers make sense, and challenge the students to reconsider their preconceived notions. We certainly can’t have any of that.
Can anybody tell me what are the studies by Viner that Friedman mentions at about the 6:00 mark?
Thanks.
I did a quick search. There are a lot of references to Viner’s research, but no actual study. If anyone finds a good link, please post it.
It was Milton Friedman who made me a believer in the absolute importance of economic freedom. One thing I especially loved about him was that he was never afraid to debate. I once watched a video where he took on three European “economists” at once. He was able to rip people apart in such an eloquent, yet simple way. With him it was an art really…
There are a couple other clips from this same lecture. I’d LOVE to see the whole thing.
Stop it, stop asking embarrassing questions! Stop it, I say!
Communism/socialism is the wave of the future and you sir, are marked for the gulag.