Episode 2 – Milton Friedman Speaks – Myths That Conceal Reality (Podcast)
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The Great Depression Was the Failure of Private Business
When money is transferred from some to others through force and coercion in the tax payer, then it need not be that the one man's benefit is also the other man's benefit. So robber barons will always be with us. The crucial question is whether we have a form of economic organization in which one robber baron keeps the other robber baron in check. I want to turn to the second of these myths, the great depression myth. There is hardly any view that is more widespread than the view that somehow or other,. the great depression was produced by a failure of private business.
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