Basic Economics-Icelandic TV: The Welfare State- Milton Friedman vs a Social-Democrat

 

Socialist Utopia?

Socialist Utopia?

Source: Basic Economics-Icelandic TV: Milton Friedman Debates- 1984

This is a good debate, because you are talking about a debate between people who come from the opposite ends of the political spectrum. At least when it comes to economics when you are talking about a Social-Democrat from Iceland which is part of Scandinavia, where the welfare state is still pretty popular even with the emergence of Conservatives and Libertarians there. Social-Democrats who believe in democratic socialism which is a leftist version of capitalism, with private enterprise mixed in with a large welfare state that comes with high taxes and regulations, at least compared with America.  Versus a Libertarian in Milton Friedman who of course was a free market economist who didn’t believe in the welfare state. And even regulations for the most part when it comes to the economy.

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About Ederik Schneider

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