Mon 10 Sep, 2007 10:32 pm
Milton Friedman was a Professor of Economics specializing in monetary Economics such as the banking system, monetary velocity M1 and M2 and so on. But what he espouses small government or a bare minimum of government services, less taxes, security, privatization, deregulation and laissez faire system.
With a small government, criminals would overtake the business community as it provides no oversight. One can already see bits of it as powerful business lobby groups have watered down regulation and safety of new medicines put into the market places before thorough testing. Imagine if criminals controlled the entire economy. You have seen Enron, Worldcom, Tyco executives and Conrad Black looting the companies they control. Regulations were written in blood as there were written after a horrendous accident to ensure safety. To do away with those regulations mean a repeat of those accidents that took so many lives. A company that profits from is only receiving blood money.
Less taxes such as the ones Darth War_dodger had in mind would cripple the Social Nets and would be a class war create enclaves of rich billionaires and the poor. A feudal system based on money and heritage as the wealth would be passed on to heirs.
Privatization would leave many government services in the hands of huge companies thus cutting of those most vulnerable so there would be no health care except for the rich. Security would be in private hands. Private security would find their services in an unsafe environment. It is in the interest of security firms to create unsafe environments so they can charge more. A national defense in the hands of mercenaries has proven historically unreliable as the highest bidder would win and mercenaries have no loyalty except to the dollar.
America would be Balkanized based not on nationality or race but on wealth, intelligence, religion, race, social position, profession and social status.
Naomi Klein has a book called Shock Doctrine which I have not read but points to Milton Friedman's Shock Doctrine to a nation's economic crises.