“The main vice of capitalism is the uneven distribution of prosperity. The main vice of socialism is the even distribution of misery.”
There are basically two economic philosophies in societies:
- A society that allows individuals the freedom to pursue their own self-interests [capitalism]
- Or a society where one group of individuals defines what is in the best interest of all other individuals – and thus regulates or controls, through government – what those individuals can and cannot do [communism, socialism, fascism, etc].
The problem with #2, as Friedman points out, is who among us has the ability to define what is in the best self interest of all individuals. Ask yourself this simple question, “Should I, or should someone else (namely – those in government) – be primarily responsible for making the big decisions over my particular situation in life?”