Capitalism has been and still is a controversial issue being talked about today in our society and government. Capitalism is an economic system in which the country is controlled by private owners in making profit. In this form of economic system, the government has limited role in society. In the two videos, there are two arguments: one in support of capitalism and one critical of capitalism, particularly in favor of a modified form of capitalism.
In Milton Friedman’s video, “What is America? (QnA),” he is in support of capitalism, the free market economy. Friedman said the law to limit monopoly and maximize consumption with less government intervention is free trade. He spoke of welfare programs, less/ lower wages paid to women, immigration, resources, such as trees, and inheritance tax.
Friedman speaks in support of capitalism and gives answers on matters that have an effect on the economy. He says that even though the government gives them money, people under the welfare programs work and work to earn more and more money each day putting them at a better financial standing. Also, he argues that we should be worried about resources running out, such as trees because it means running out of the money supply, papers, and pencils. In the case of running short of resources leads to scarcity which means there will be an increase in prices of the resources. We need the resources to produce and if we don’t have enough resources, we won’t be able to produce more resources. So in order to be safe from scarcity, businesses will start building and planting more resources and trees, so in the long run we would have an increase rather than a decrease in supply. Friedman also explains the concept of illegal M...
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... position of capitalism, which were speaking of the production of stability and of living standards and financial standings of the people.
I believe that both videos had clear and strong positions on capitalism, but in my opinion, I found Friedman having a more effective argument. He provides statistics to support the concepts more in depth, such as statistics on women in the workforce tend to make less than men. Also when he spoke of the Mexican immigrants and how they come to the United States illegally, he made a good point. He said that the immigrants start off with low paying jobs and have to work their way, just like the United States went through industrial development and work their way up into having a stronger economy. Based on the two videos, I would be in support of capitalism because the individuals have to work their way up the scale to be successful.
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