Introduction

During an interview with talk show host Phil Donahue, economist Milton Friedman stated the following:

Is there some society you know that doesn't run on greed? What is greed? The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein did not construct his theory under an order from a bureaucrat. Henry Ford did not revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you are talking about; the only cases in recorded history are where they had capitalism and largely free trade (Friedman, 1979).

Initial Post Instructions

Reflect upon Milton Friedman - Socialism vs. Capitalism (video). For your initial post, address the following:

Milton Friedman equated greed with capitalism and regarded the free enterprise system as the most productive economic system in a developed country. Reflect upon Mr. Friedman's comments:

What is greed? Is it greed good or bad?

Do you agree with Milton Friedman's perspective that all societies run on greed?

In what way has a capitalistic society allowed you to pursue your interests?