What is Capitalism?

Adam Smith believed that the wealth accumulated by a nation was determined its own productivity.  Furthermore, Smith believed that people would be motivated to create this wealth, and subsequently enjoy it as well.  This is fundamental basis for the idea and practice known as capitalism.  Some believe that capitalism works best with the least amount of government interference possible.  Others believe that capitalism, left alone, creates greed.  Where do you stand on the idea of capitalism?  Does it work best without government interaction?  Is greed a result of capitalism? Is there a middle ground between government interaction with capitalism and laissez-faire capitalism? Below is clip from The Phil Donahue Show (1979) where Donahue’s guest is the late University of Chicago Economics Professor Milton Friedman.  Friedman’s response to Donahue may help you with your response.

What is Capitalism?

Adam Smith believed that the wealth accumulated by a nation was determined its own productivity.  Furthermore, Smith believed that people would be motivated to create this wealth, and subsequently enjoy it as well.  This is fundamental basis for the idea and practice known as capitalism.  Some believe that capitalism works best with the least amount of government interference possible.  Others believe that capitalism, left alone, creates greed.  Where do you stand on the idea of capitalism?  Does it work best without government interaction?  Is greed a result of capitalism? Is there a middle ground between government interaction with capitalism and laissez-faire capitalism? Below is clip from The Phil Donahue Show (1979) where Donahue’s guest is the late University of Chicago Economics Professor Milton Friedman.  Friedman’s response to Donahue may help you with your response.