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Milton Friedman on Capitalism and socialism

After the fall of communism, everybody in the world agreed that socialism was a failure. Everybody in the world, more or less, agreed that capitalism was a success. And every capitalist country in the world apparently deduced from that what the West needed was more socialism.
Milton Friedman: The Rise of Socialism is Absurd and There’s No Such Thing as a Free Lunch
Speech, 1993
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  1. I think it is only because capitalism has proved so enormously more efficient than alternative methods that it has survived at all. ( … ) I'm not sure capitalism is the right word. There is a sense in which every society is capitalist. The Soviet Union was capitalist, but it was state capitalism. Latin American societies in the past have been capitalist, but it has been oligarchic capitalism. So what we really need to talk about is not capitalism but free market or competitive capitalism which is the system that we would like to have adopted, not just capitalism.
    Reflections on the Great Depression
    Interview, 2002
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  2. There is no doubt who won the intellectual argument. There is no doubt that the received intellectual opinion of the world today is much less favorable towards central planning and controls than it was in 1947. What's much more dubious is who won the practical argument. The world is more socialist today than it was in 1947. Government spending in almost every Western country is higher today than it was in 1947, as a fraction of income, not simply in dollars.
    Commanding Heights: Milton Friedman interview
    Interview, 2000, PBS, “Where We Stand Today,” interview conducted October 1, 2000
    Checked against the sourceRead the transcript
  3. Major premise: Socialism is a failure. Even lifelong Communists now accept this proposition. Wherever socialism has been tried, it has proved unable to deliver the goods, either in the material form of a high standard of living or in the immaterial form of human freedom.
    We Have Socialism, Q.E.D.
    Column, 1989, The New York Times, December 31, 1989, Section 4, p. 11
    Checked against the sourceRead the transcript

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