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Spending by government currently amounts to about 45 percent of national income. By that test, government owns 45 percent of the means of production that produce the national income. The U.S. is now 45 percent socialist.
Milton Friedman
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Milton Friedman
Age: 94 †
Born: 1912
Born: July 31
Died: 2006
Died: November 16
Economist
Essayist
Statistician
University Teacher
Writer
Brooklyn
New York
Milton Fridman
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Socialist
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What kind of society isn't structured on greed?
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A private enterprise system needs some measuring rod, it needs something, it needs money to make its transactions. You can't run a big complicated system through barter, through converting one commodity into another. You need a monetary system to operate. And the instability in that monetary system is devastating to the performance of the economy.
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The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.
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The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.
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I would say that in this world, the greatest source of inequality has been special privileges granted by government.
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We measure poverty by what I believe is a very, very crude concept. We actually measure poverty by trying to get some kind of an estimate of the minimum expenditures on food that are required to maintain health, multiplying that number by three, and saying that's the level of poverty. And it's a very crude, inaccurate arrangement.
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Is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed?
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If you look at the balance sheet, the US is heavily in debt. If you look at the income account - the amount of interest the US pays abroad - it is almost exactly equal to the amount of interest that it receives from abroad. American assets held abroad are earning a higher rate of return than foreign assets held here.
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A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
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The government solution to a problem is usually as bad as the problem.
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See, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. That's literally true.
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Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest.
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