Adam Smith, the primary theorist behind free market capitalism, said it could only exist "within an ethical context." Milton Friedman, the primary architect of free market fundamentalism, said it was only safe if we provided a UBI. 1/2
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Even they saw that without ethics and care for people, unfettered, deregulated crony capitalism would become a sociopathic phenomenon. And they were right. It has. 2/2

Feb 21, 2023 · 10:36 AM UTC

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Replying to @marwilliamson
It’s never existed, nor is anyone saying it should. Your solution inevitably leads to thugs controlling everything. Friedman also said “where do we find such angels?”
Replying to @marwilliamson
Milton Friedman never advocated for UBI. That’s ridiculous.
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Replying to @marwilliamson
The moral value is lost. When there's no morality, there is no religion. It shocks me to see so many politicians & leaders in the US preach their strong faith (Christianity, Judaism, Islam, Buddhism,..) as their moral guidance while at the same time "worshiping" Capitalism. /1
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Replying to @marwilliamson
That’s quite enough truth out of you for one day, @marwilliamson … … the robber barons, neolibs, & Wall St can only handle so much honesty in a single day. It hurts their feelings. 😊
Replying to @marwilliamson
Simply, the cronies should be widened, to everyone.
Replying to @marwilliamson
Milton Friedman was an unprincipled opportunist. He knew that many corporate leaders and wealthy communities hated the New Deal. He provided them with pseudo-intellectual cover to push for the policies they wanted
Replying to @marwilliamson
And that's what "Unfettered Capitalism" is ... A small group of wealthy individuls live wonderful lives ... while the rest bearly get by ... State Colleges (back in the 60's and 70's) only cost a few hundred dollars with lots of grant money available!
Replying to @marwilliamson
No, "crony capitalism" is fascism by definition. You lefties like to defame capitalism by misrepresenting when it goes awry yet ironically are the ones who cause it
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Replying to @marwilliamson
"within an ethical context" means "fair market capitalism". Fair markets improve as they strive for perfection. Free markets tend to unravel into chaos, & carelessness, which characterizes the slave market & the current market. For fair markets, free people & just trade works.
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Replying to @marwilliamson
That's a very interesting point. We should hear more pols talking about this. Here's Friedman defending his idea in an interview with the snobby conservative William Buckley. youtube.com/xtpgkX588nM
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