New Perspectives Quarterly has a great interview with Milton Friedman, who at 93 years of age still exhibits more economic clarity than whole academic faculties and episcopal justice and peace commissions.
Some of Friedman’s gems:
– On how European economies can get back on track: “They all ought to imitate Margaret Thatcher and Ronald Reagan; free markets in short.”
– On the European social model as a third way between capitalism and socialism: “I don’t think there is a third way. But it is true that a competitive market is not the whole of society. A great deal depends on the qualities of the population and the nation in how they organize the non-market aspects of society.”
– On the Chinese market-Leninist approach: “Political freedom will ultimately break out of its shackles. Tiananmen Square was only the first episode. It is headed for a series of Tiananmen Squares. It cannot continue to develop privately and at the same time maintain their authoritarian character politically. They are headed for a clash. Sooner or later, one or the other will give. If they don’t free up the political side, their economic growth will come to an end — while they are still at a very low level.”
– On the prospects of freedom in the 21st century: “The world as a whole has more or less embraced freedom. Socialism, in the traditional sense, meant government ownership and operation of the means of production. Outside of North Korea and a couple of other spots, no one in the world today would define socialism that way. That will never come back. The fall of the Berlin Wall did more for the progress of freedom than all of the books written by myself or Hayek or others. […] This free-market base will likely expand from there by example to others not so free. Everyone, everywhere, now understands that the road to success for underdeveloped countries is freer markets and globalization.”