Milton Friedman: Big Business
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SUMMARY:
In this clip Friedman highlights the difference between advocating free enterprise and being for big business. In reality Friedman opposed the concentration of power in any institution.
He also points out that when the role of government is large and its power over the business environment is significant that it is almost inevitable that large businesses will lobby to influence the government to serve their own interests.
In regards to this Friedman argued that the problems caused by big government cannot be solved by even bigger government with even greater power. The only way to prevent big business from lobbying government to serve their own interests is to limit their power in the first place.
Addressing peoples concerns about the size and power of business in a truly free market Friedman makes the point that unlike government no matter how large a business gets the only way they can get your money is by convening you to spend it. This is different to a large overbearing government who can take your money regardless of how you feel about it.
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