The problem with “Free Markets” is greed. Below, Congressman Paul Ryan talks about going back to the “foundations” that Milton Friedman discussed and wrote about.
Those foundations? Well, let’s hear Milton Friedman discuss them.
He’s right, to a point. Progress comes from self-interest. Society was formed by self-interest, the idea that we might live longer if we work together. Yet, greed is the reason why the 2008 crash was so bad and still affects us. Greed is the reason why so many are in poverty, horrible poverty, and not the abstract poverty that we speak about. Greed is why we have rules and regulations.
If we knew that people would never take advantage of us, the Free Market system would work wonderfully. But we know that’s not true.