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Milton Friedman [Thomas Sowell's Mentor] Didn't Understand Free Markets Either | Corp. Exploitation



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This video is a follow up to my first video concerning Thomas Sowell. However, in this video we take a look at the economist who influenced Sowell's rightwing libertarian political ideology; Milton Friedman. Milton Friedman is a libertarian economist that believes in the reduction of government or state intervention which would instead allow the free market to flourish as people choose freely using their purchasing power. Friedman was most notable for his economist group, the Chicago Boys, a group of young economist trained under Milton Friedman to advocate neoliberal free market policies. These policies can be observed after the 1973 overthrow of the Chilean government as the U.S. installed the puppet dictator Augusto Pinochet. The Chicago Boys, under the orders of Milton Friedman was assigned to reform the Chilean economy via free market reforms. But this process was unsuccessful. It tanked the Chilean economy, reversing all social and economic progress as it created even more wealth inequality.

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Sources :

https://en.wikipedia.org/wiki/Right-libertarianism#:~:text=Right%2Dlibertarianism%2C%20also%20known%20as,natural%20resources%20and%20private%20property.
https://en.wikipedia.org/wiki/Thomas_Sowell
https://www.prageru.com/video/the-great-thomas-sowell
https://en.wikipedia.org/wiki/Milton_Friedman
https://microform.digital/boa/posts/category/articles/378/miracle-of-chile-the-legacy-of-the-chicago-boys
https://www.podomatic.com/podcasts/mgtundo2017-3a/episodes/2017-07-03T10_15_52-07_00
https://today.caricom.org/2018/08/14/a-renegotiated-nafta-implications-for-caribbean-countries/
https://www.nytimes.com/2022/05/20/world/haiti-wall-street-us-banks.html
https://topdocumentaryfilms.com/banana-land-blood-bullets-poison/
https://www.bbc.com/news/business-16501894
https://podtail.com/en/podcast/marx-madness/mini-madness-milton-friedman/
https://socialistworker.co.uk/comment/milton-friedman-s-legacy-of-free-market-madness/
https://www.thenation.com/article/archive/true-verdict-allende/


Timestamps
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0:00 - Milton Friedman : Greed is Good, Government Bad
02:56 - Introduction
04:01 - Responsibility : Government vs Corporations
06:44 - Sowell's Teacher : Milton Friedman & The Chicago Boys
07:28 - Corporate Exploitation in The Global South
11:47 - The Story of Salvador Allende
12:20 - Hope For The Chilean People
13:17 - Nationalization of Foreign Corporations
14:24 - Living Standards Increased
15:04 - The Anxiety of The Wealthy
16:07 - Allende's Land Reform
16:54 - Castro Warns Allende
17:28 - The U.S. Overthrows Allende
18:40 - Augusto Pinochet & The Chicago Boys
19:45 - Friedman's Economic Experiment Fails
22:45 - The Contradictions of "No Government Intervention"
24:47 - Bonus : Free Markets & Sweatshops [Ft. Marx Madness]




#thomassowell #miltonfriedman #chile
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