In 1979, a young and idealistic Phil Donahue challenged legendary economist Milton Friedman on the principles of capitalism. And specifically he went after the concept of greed.
But Friedman eloquently articulated what capitalism was really about. And how it was behind so much good and wealth that was created in history. It was an entertaining and informative masterclass that revealed truths during a period of history when capitalism was against the ropes.
“But it seems to reward not virtue as much as it does the ability to manipulate the system,” said Donahue.
“And what does reward virtue?” asked Friedman rhetorically. “Does a communist commissary reward virtue? You think a Hitler rewards virtue? The record of history is absolutely crystal clear.”
Greed may not be, for lack of a better word, “good,” but it is an inescapable aspect of human nature. We can choose to let it benefit society and reap rewards for many or we can allow it to drive false narratives that will only benefit the elite few.
