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Milton Friedman on Capitalism, Freedom, and Slavery

One of the most bizarre beliefs that persists today in some benighted circles is the notion that wealth in relatively free capitalist countries – such as Great Britain and the U.S. – is the result of chattel slavery. There’s so much that is wrong with this notion, theoretically and historically, that an entire thick book would be required to catalog all of the errors. But in this video of a 1978 exchange that Milton Friedman had with a student at Cornell University, some of these errors are exposed.

The very first regular column that I wrote for the Pittsburgh Tribune-Review (in February 2005) addressed the myth of capitalist wealth being the product of chattel slavery.