Thursday, June 03, 2010

Quotes Of The Century

Capitalism is the astounding belief that the most wicked of men will do the most wicked of things for the greatest good of everyone. John Maynard Keynes


So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not. Milton Friedman

There is as an unearthly, mystical element in Friedman's thought. The mere existence of a stock of money somehow promotes expenditure. But insofar as he offers an intelligible theory, it is made up of elements borrowed from Keynes. Joan Robinson, Economic Heresies, Chapter 6, Prices and Money, p. 87

Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear. Alan Greenspan

Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity – myself especially – are in a state of shocked disbelief. Alan Greenspan




knobby said...

what's the answer, phil?

expat@large said...

Neither socialism, nor capitalism, nor libertarianism, nor religiousism.


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