… is under debate today, because President Obama, speaking in Argentina, said that there is no significant difference between capitalism and communism.
If you can bear to listen to him, here’s the video.
It is an exercise in taqiyya – Islamic tactical deception – at which he is adept. His history shows plainly that Obama knows full well there is a difference, and he strongly favors communism. (See our post, A very disgraceful speech, immediately below.)
And here’s Milton Friedman explaining that capitalism is the only system that lifts millions of people out of poverty:
Bernie Sanders thinks “millionaires and billionaires” are rich at the expense of the poor. And should have their wealth taken away from them and shared out equally among the rest of America’s 320 million people?
Milton Friedman enlightens a questioner who asks why there are “so many millionaires” in America at the same time as there are so many people in poverty:
Bernie Sanders wants government to look after everyone like a parent.
Milton Friedman deplores the ruler who sincerely believes he knows better than you do what’s good for you:
Bernie Sanders describes himself as a Democratic Socialist.
Here Milton Friedman cogently answers a Democratic Socialist:
Our thanks to John Hawkins at Townhall, for compiling these quotations:
[July 31st] would have been the 103rd birthday of Milton Friedman, who was one of the most brilliant economists of the last century. In honor of Friedman, here are his 20 best quotes.
20) “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
19) “Because we live in a largely free society, we tend to forget how limited is the span of time and the part of the globe for which there has ever been anything like political freedom: the typical state of mankind is tyranny, servitude, and misery. The nineteenth century and early twentieth century in the Western world stand out as striking exceptions to the general trend of historical development. Political freedom in this instance clearly came along with the free market and the development of capitalist institutions. So also did political freedom in the golden age of Greece and in the early days of the Roman era.”
18) “It is one thing to have free immigration to jobs. It is another thing to have free immigration to welfare. And you cannot have both. If you have a welfare state, if you have a state in which every resident is promised a certain minimal level of income, or a minimum level of subsistence, regardless of whether he works or not, produces it or not. Then it really is an impossible thing.”
17) “So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.”
16) “When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union – like public housing in the United States – look decrepit within a year or two of their construction…”
15) “The great danger to the consumer is the monopoly – whether private or governmental. His most effective protection is free competition at home and free trade throughout the world. The consumer is protected from being exploited by one seller by the existence of another seller from whom he can buy and who is eager to sell to him. Alternative sources of supply protect the consumer far more effectively than all the Ralph Naders of the world.”
14) “Two major arguments are offered for introducing socialized medicine in the United States: first, that medical costs are beyond the means of most Americans; second that socialization will somehow reduce costs. The second can be dismissed out of hand — at least until someone can find some example of an activity that is conducted more economically by the government than private enterprise. As to the first, the people of the country must pay the costs one way or the other; the only question is whether they pay them directly on their own behalf, or indirectly through the mediation of government bureaucrats who will subtract a substantial slice for their own salaries and expenses.”
13) “Nothing is so permanent as a temporary government program.”
12) “The supporters of tariffs treat it as self-evident that the creation of jobs is a desirable end, in and of itself, regardless of what the persons employed do. That is clearly wrong. If all we want are jobs, we can create any number – for example, have people dig holes and then fill them up again, or perform other useless tasks. Work is sometimes its own reward. Mostly, however, it is the price we pay to get the things we want. Our real objective is not just jobs but productive jobs – jobs that will mean more goods and services to consume.”
11) “I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.”
10) “There is all the difference in the world, however, between two kinds of assistance through government that seem superficially similar: first, 90 percent of us agreeing to impose taxes on ourselves in order to help the bottom 10 percent, and second, 80 percent voting to impose taxes on the top 10 percent to help the bottom 10 percent – William Graham Sumner’s famous example of B and C decided what D shall do for A. The first may be wise or unwise, an effective or ineffective way to help the disadvantaged – but it is consistent with belief in both equality of opportunity and liberty. The second seeks equality of outcome and is entirely antithetical to liberty.”
9) “When the United States was formed in 1776, it took 19 people on the farm to produce enough food for 20 people. So most of the people had to spend their time and efforts on growing food. Today, it’s down to 1% or 2% to produce that food. Now just consider the vast amount of supposed unemployment that was produced by that. But there wasn’t really any unemployment produced. What happened was that people who had formerly been tied up working in agriculture were freed by technological developments and improvements to do something else. That enabled us to have a better standard of living and a more extensive range of products.”
8) “I want people to take thought about their condition and to recognize that the maintenance of a free society is a very difficult and complicated thing and it requires a self-denying ordinance of the most extreme kind. It requires a willingness to put up with temporary evils on the basis of the subtle and sophisticated understanding that if you step in to do something about them you not only may make them worse, you will spread your tentacles and get bad results elsewhere.”
7)“We economists don’t know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can’t sell tomatoes for more than two cents [adjust to today’s equivalent] per pound. Instantly you’ll have a tomato shortage. It’s the same with oil or gas.”
6) “The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.”
5) “Workers paying taxes today can derive no assurance from trust funds that they will receive benefits from when they retire. Any assurance derives solely from the willingness of future taxpayers to impose taxes on themselves to pay for benefits that present taxpayers are promising themselves. This one sided ‘compact between the generations,’ foisted on generations that cannot give their consent, is a very different thing from a ‘trust fund.’ It is more like a chain letter.”
4) “There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you’re doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost. Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch! Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government. And that’s close to 40% of our national income.”
3) “Indeed, a major source of objection to a free economy is precisely that it… gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.”
2) “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.”
1) “I do not believe that the solution to our problem is simply to elect the right people. The important thing is to establish a political climate of opinion which will make it politically profitable for the wrong people to do the right thing. Unless it is politically profitable for the wrong people to do the right thing, the right people will not do the right thing either, or if they try, they will shortly be out of office.”
The economy is in the doldrums primarily because of the socialist wealth-redistribution agenda of the Obama administration. Socialism kills prosperity.
The Pope, who is directly informed by an omniscient god so that what he utters is infallibly right, recently demanded world-wide redistribution.
Milton Friedman argues brilliantly against the idea (rotten whether invented by mortals or divinity) of redistribution in general.
And against 100% inheritance tax in particular:
Today is the anniversary of the birth of the great Austrian economist and political philosopher, F.A.Hayek.
This tribute to him comes from Investor’s Business Daily, by Gerald P. O’Driscoll Jr., senior fellow at the Cato Institute:
Hayek’s work, whether on economics, politics or law, focused on the ineluctable problems of uncertainty and incomplete information. In economics articles going back to the 1930s, he analyzed the price system as a mechanism for communicating information to buyers and sellers about the intensity of preferences for goods and their relative scarcity. He concluded that the information does not exist anywhere in its entirety and could not be centralized. … Socialist (really communist) societies relying on centralized planning would be characterized by gross economic inefficiencies.
Hayek was vindicated by subsequent events. The power of this argument is lost today on policymakers engaged in “planning lite,” attempts to allocate credit to favored industries and pick winners.
The Great Recession was in large part the consequence of such a policy. The Fed’s balance sheet is loaded up with housing finance paper. In “Ben Bernanke Versus Milton Friedman,” historian Jeffrey Rogers Hummel argues that the Fed has evolved from monetary authority to a credit allocator.
Hayek first began evolving his information argument in his monetary analysis. In 1932, he questioned whether deliberate monetary management could avoid economic fluctuations.
Friedman later developed the argument against discretionary monetary policy in a series of articles that detailed the information problems confronting a central bank. His argument later became encapsulated as the “lags” in monetary policy — i.e., the unpredictability of when the effects of monetary policy actions will be felt. Monetary policymakers give lip service to Friedman’s arguments, but ignore them in practice.
Hayek deftly summed up his argument on information in his 1988 book, The Fatal Conceit:
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
A market economy is a complex order, the outcome of societal evolution that confounds efforts to redesign it. The central tenet of classical liberalism was summed up by George Smith in his brilliant book, The System of Liberty:
Laissez faire in all spheres, personal, social and economic, was the fundamental presumption of liberalism — its default setting, so to speak — and all deviations from this norm stood in need of justification.
In America, by linguistic legerdemain, progressives transformed the meaning of liberalism into nearly the opposite of what it originally meant. Progressives became liberals, and true liberals lost their identity. Hence, we have the peculiar use of conservative to denote in America what had once been liberal thought.
So when Hayek wrote a famous essay on “Why I Am Not a Conservative,” he confabulated some American conservatives. He was not attacking American conservatism. Instead, he was combating the transplantation to America of a “European type of conservatism, which (is) alien to the American tradition.” That European conservatism upheld tradition and status over liberty and innovation.
Hayek argued there, and elsewhere, that liberalism must be the political philosophy of principles. Its central principle is individual liberty. …
Hayek provided a much-needed program for American conservatives today. They must stand for free markets and free people. Free markets and free trade must be seen as the economic core of an opportunity society that provides hope for all. …
Hayek was born in Vienna at the high point of the global liberal economic order comprising free markets, free trade and capital movements, and the classical gold standard. That glorious edifice ended with World War I. So for decades he was arguing against the tide of history. Yet he lived long enough to be vindicated. His words, written over the course of much of the 20th century, constitute a message for today.
On the centenary of Hayek’s birth, May 8, 1999, Barun S. Mitra wrote a tribute to him, published by the Liberty Institute, India.
We quote from it:
Today, a wide range of people has acknowledged his contribution all over the world. From philosophers like Karl Popper, Robert Nozick … to political leaders like Ronald Reagan, Margaret Thatcher and Vaclav Klaus, to Nobel laureate economists like Milton Friedman, James Buchanan … and countless others. As the iron curtain was being built in the aftermath of World War II, Ludwig Erhard, the finance minister of West Germany turned to Hayekian ideas to rebuild his country. Half a century later when the iron curtain collapsed, leaders in many countries in Eastern Europe again turned to Hayek in their attempt to rebuild their societies. And Hayek is reportedly available on the bookshelf of even the Chinese Prime Minister.
If today, the world is witnessing a perceptible change in thinking, it is in no small amount due to the legacy of Hayek. …
No wonder commemorative events are being organised in London, Paris, Vienna, Washington, D.C., Montreal, Eastern Europe, and Central America. The Adam Smith Institute in the United Kingdom has named him the man of the century. …
Hayek was more than a Nobel Prize winning academic. He was an intellectual giant, who was also a gentleman to the core. The man, who went on to become one of the greatest champions of liberty, had begun his life as a young soldier in the Austro-Hungarian Empire and sent to the Italian front in 1917. An academic, whose “controversial ideas” were eventually recognised by the Nobel committee in 1974, Hayek was also an activist who was among the founders of the Mont Pelerin Society in 1948. This was an organisation dedicated to pursuing the intellectual battle against all forms of authoritarianism and tyranny at a time when it was fashionable to call oneself socialist. Today, it has hundreds of members, including many Nobel laureates, spread across all the continents. He inspired many to take up intellectual activism like the late Sir Anthony Fisher, the British businessman who founded the Institute of Economic Affairs in London in 1955. Over the years, IEA, an independent think tank, has produced countless policy papers and books on contemporary issues, and is recognised to have contributed to changing the popular perception that made the Thatcher revolution possible in Britain in the 1980s
Hayek was born in Vienna, Austria, on May 8, 1899, to August Edler von Hayek & Felicitas von Hayek. Even as a teenager, he was interested in philosophy, economics and ethics. But his studies were interrupted as he was called for military duty in 1917, and saw action on the Italian front. On his return from service he went back to college. In the 1920s Hayek was part of that heady circle in post-war Vienna, a group which featured some of the greatest minds of the century. He earned two doctorates, one in law and another in political science. He studied economics under Ludwig von Mises, one of the greatest exponents of the Austrian School. He left for England in 1931 worried about the rise of the Nazis in Germany. Hayek mainly taught at the London School of Economics, but had short spells at universities around world including, Cambridge, Chicago, Stanford, Tokyo, and Freiburg.
Hayek was one of those few fortunate people who lived to see the tumultuous events that shook the socialist empire, and be vindicated. In a letter written in 1989, he noted, “the ultimate victory of our side in the long dispute of the principles of the free market.” He must have been saddened at the enormous cost, both human and material, that was paid in pursuit of a doomed experiment.
Hayek died in Freiburg on 23 March 1992.
In the 1930s, Hayek was the principal opponent Keynes. In various scholarly publications – Monetary Theory of Trade Cycle (1933), The Pure Theory of Capital (1941) – he had pointed out that business cycles are caused by monetary mismanagement in [government]. This contribution of Hayek was noted by the Nobel committee. Subsequent events have completely vindicated Hayek. Concerned about the stability of value, he wrote a radical essay in the 1976, “The Denationalisation of Money”, where he argued that it was a serious mistake to allow governments to monopolise the legal tender. He called for the freedom of the individuals to trade in whatever media of exchange they thought best. …
Hayek emphasized that division of labour and division of knowledge were complimentary. Every individual possessed some specialized and local knowledge that was particular to his situation and preferences. Yet, the market, through the competitive price system, successfully coordinated all these bits of knowledge. Prices provide the incentive to invest in certain areas, and the information regarding the possible opportunities. Hayek explained, “We must look at the price system as such a mechanism for communicating information if we want to understand its real function… … The most significant fact about this system is the economy of knowledge with which it operates, or how little the individual participants need to know in order to be able to take the right action.” …
Hayek also developed the idea of “spontaneous order” to describe the progress of civilizations. Language, customs, traditions, rules of conduct, have all evolved without any conscious design, and without that freedom societies may not have evolved beyond primitive levels, he held. Advancement of society was dependent upon no one overall “plan” being imposed over the actions and plans of the individuals making up the society. Building on Adam Smith’s “invisible hand”, Hayek showed that planning need not necessarily lead to order and lack of a guiding hand need not degenerate in to chaos. …
It is largely because civilization enables us constantly to profit from knowledge which we individually do not possess, and because each individual’s use of his particular knowledge may serve to assist others unknown to him in achieving their ends, that men as members of civilized society can pursue their individual ends so much more successfully than they could alone.
This characteristic of the market where order seemed to develop quite spontaneously, along with dispersed nature of knowledge, raises one of the most fundamental questions on the utility of government intervention in the economy to achieve a particular end. The institutions created by government decree to provide direction to such intervention would under the best of circumstances simply be overwhelmed by the sheer volume of knowledge that they will need to process.
In contrast, the market routinely brings to order millions of evaluations undertaken by each individual participant. Hayek showed that progress arises from a continuous process of “discovery” wherein a variety of producers and consumers experiment with a wide range of possible opportunities to make profit. Most such experiments fail in the marketplace, and the innovators bear the cost taking the risk. But some succeed, and the benefits are enjoyed by all. That is the reason why in a free market, voluntary trade creates a win-win situation for all participants. …
The Road to Freedom
Hayek also published works more accessible to a wider public, which included books such as The Road to Serfdom (1944) and The Constitution of Liberty. The former has been nominated by journals like London’s Time Literary Supplement as one the noteworthy books of this century. Dozens of unauthorised editions of it were known to be in circulation among the underground activists in the Eastern block during the cold war. This book has now been published in many languages across the world. …
Then Mitra, looking at Hayek’s ideas from an Indian perspective, points out that India would have done well to have learnt what he taught:
We are concerned that after fifty years of independence, poverty is so wide spread, and as a measure to speed up the process of redistribution of wealth, we thought it prudent to abolish right to property as a fundamental right. Hayek had cautioned all those years ago that “The system of private property is the most important guaranty of freedom, not only for those who own property, but scarcely less for those who do not.”
We want “social justice”, while Hayek warned that “There is all the difference in the world between treating people equally and attempting to make them equal”, and to attempt otherwise would only contribute to social collision. “Equality before the law and material equality are therefore not only different but are in conflict which each other; and we can achieve either one or the other, but not both at the same time”, wrote Hayek.
The world has had a bitter experience in the 20th Century. The dreams of a socialist-collectivist utopia were shattered by economic collapse and degenerated into tyrannical police states. According to historian Thomas Sowell, if one was to mark the time when the intellectual tide began to turn against the ideal of socialism then it was with Hayek’s [The Road to] Serfdom. …
While the world is marking his centenary now, the next century could well belong to him. And ideas do change the world. Let us hope that the intellectual tide in favour of Hayek will become a tidal wave in the next millenium. Hayek’s Road to Serfdom may actually help pave the road to freedom for all of us.
A young idealist has a formula for ending poverty and achieving economic equality: 100% inheritance tax and redistribution of wealth by government. He thinks – as the Left does – that there is a fixed quantity of wealth in the world – “the capital” he calls it . (Why can’t or won’t the Left understand that wealth is created?)
Milton Friedman explains how the formula would destroy a society.
And here he talks – inter alia – about the importance of limiting government power to preserve the freedom of the individual.
“Stalin was a banner of creativity, of humanism and an edifying picture of peace and heroism!” declared Salvador Allende during a eulogy in 1953 to the Soviet mass-murderer.
Allende became the Communist president of Chile in November 1970. Fortunately, he was thrown out of power on September 9, 1973.
Now the triumph of capitalist Chile needs to be celebrated, and its economic ways emulated throughout the world.
This is from Investor’s Business Daily, by Monica Showalter:
By the looks of the bright, shiny Chilean capital, where it’s possible to shop at Starbucks, H&M or Banana Republic, dine at globally ranked restaurants … or marvel at the world-class architectural engineering of the continent’s tallest skyscrapers that escaped Chile’s 2010 8.8-scale earthquake unscathed, it’s hard to believe that 40 years earlier Chile was a tottering democracy in ruins, well on its way to becoming a Soviet-Cuban satellite.
The country changed course by a legislatively ordered military coup in 1973, which to this day remains globally reviled as if it were a destruction of democracy that came out of a vacuum. …
But the hard fact is, the military action led by Gen. Augusto Pinochet on Sept. 11, 1973, effectively turned back the global ambitions of an emboldened Moscow-Havana communist axis, which sought to take over South America as an enfeebled U.S reeled from the Vietnam War.
That strategy was to create a sort of “red sandwich” on the South American continent, with Cuba in the northeast and Chile in the southwest, and both sides training terrorists and revolutionaries to move inward and northward until they could reach the final prize: Mexico.
Pinochet turned it back … He [eventually] stepped down as promised …
Yet, instead of being seen as a hero who saved his country from a totalitarian fate, both the global and Chilean establishment, taking their propaganda cues from an embittered Cuba, continue to paint Pinochet as a villain and his action to save his country as a tragedy.
In reality, Pinochet was, as historian Paul Johnson noted, “the most misunderstood man of the 20th century”.
See, Chile’s story might not have ended in skyscrapers, OECD membership, a per capita income of more than $18,000, the region’s highest transparency, lowest infant mortality, least corruption and negative net debt had Pinochet just sat there and held the fort. And even that would have been a huge improvement over communism.
But besides blowing out a communist beachhead, Pinochet instituted the world’s first genuine free-market reforms. They effectively transformed his country from a messy Latin American semi-democracy into a first-world country with a booming economy.
Years before Reagan and Thatcher began their earth-shaking revolutions, which finished off communism as a cause and put even leftist politicians on the defensive around the world, Pinochet turned his nation’s fiscal matters over to a group of young economists trained by Milton Friedman.
Known as “Los Chicago Boys”, they had the decree powers of a military regime but the ideas of free markets. Using both, they effectively privatized state-owned industries, broke up crony capitalist cartels, enacted airtight property rights, cut red tape, opened Chile’s markets to the world — bringing its wines, seafood, fruits, timber, copper and, now, high-tech to the West in quantities never before seen — reformed social security, and, after a few miscues, restored the integrity of the country’s currency, credit rating and fiscal discipline.
What’s more, their reforms stuck, even as the country continued to re-elect socialist governments, because the institutions were so strong and the culture of ownership was so great. …
The left’s effort to revile Pinochet out of all proportion to the crimes of the era — while excusing the far more severe crimes of Cuba’s Castro and the Nicaraguan Sandinistas — ultimately amounts to an angry left’s effort to discredit Pinochet’s most lasting legacy: the free market revolution.
And this is from Townhall, by Humberto Fontova (also quoted at the top of this post):
On September 11, 1973 the Chilean military led by General Augusto Pinochet slapped Fidel Castro so smartly that his Stalinist regime (and its dutiful U.S. Media minions) are still sniveling and sniffling and wiping away tears of shock, pain and humiliation.
We feel your happiness, Humberto!
True to form, The New York Times leads the sniveling. They just published an article decrying the Chilean “tragedy” (i.e. Chile saving itself from Castroism with a military coup and is today the richest and freest nation in Latin America.) The article’s author Ariel Dorfman is a former advisor to Chile’s Marxist president and Castro acolyte Salvador Allende. …
“Without the help of the New York Times, the Revolution in Cuba would never have been,” … beamed Fidel Castro during a visit to the New York Times offices in April 1959 to decorate their star Latin America reporter with a newly-minted Cuban medal.
“We’re following the example of the Cuban Revolution and counting on the support of her militant internationalism represented by Fidel Castro and Che Guevara!” boasted Chilean president Salvador Allende’s minister Carlos Altamirano in January 1971. “Armed conflict in continental terms remains as relevant today as ever!” he declared.
And he wasn’t bluffing. By the time of Pinochet’s coup, an estimated 31,000 Cuban and Soviet bloc operatives and terrorists infested Chile …
By 1973, 60% of Chile’s arable land had been stolen by Allende’s Marxist regime, often with the aid of Cuba-trained death squads. “In the final analysis only armed conflict will decide who is the victor!” added Allende’s governmental ally, Oscar Guillermo Garreton. “The class struggle always entails armed conflict. Understand me, the global strategy is always accomplished through arms!”…
Then, in September 1973, the military, led by General Pinochet, made a strike with arms against Allende. It was a successful coup d’etat. Allende committed suicide. Pinochet came to power.
Although he had acted with arms, and although he took tyrannical actions against his enemies, the Left did not think he was “a banner of creativity, of humanism and an edifying picture of peace and heroism.” Perhaps because those tyrannical actions of his were not remotely on the same scale as Stalin’s.
Allende and Castro’s media minions claim 3000 people were “disappeared” during this anti-Communist coup and its aftermath, collateral damage and all. Well, even if we accept the Castroite figure, compared to the death-toll from our interventions/ bombing- campaigns in the Mid-East (that have yet to create a single free, peaceful and prosperous nation) Pinochet’s coup should be enshrined and studied at West Point, Georgetown and John Hopkins as the paradigm for effective “regime–change” and “nation-building.” Granted, Pinochet had much better raw-material to work with.
But the Castroite –MSM figure is mostly bogus, as many of those “disappeared” kept appearing, usually behind the iron curtain.
More importantly, Pinochet and his plotters were scrupulous in keeping U.S. State Dept. and CIA “nation-builders” and other such egghead busybodies out of their plotting loop. (This probably explains Pinochet’s success.) Then two years after the coup they invited Milton Freidman and his “Chicago Boys” over for some economic tutelage. And as mentioned: today Chile is the freest and richest nation in Latin America.
The forthcoming presidential election in the US is about socialism versus capitalism.
“Capitalism” was Karl Marx’s word for what Adam Smith called “the natural order of liberty”. To be for capitalism is to be for individual freedom.
Obama, whether he admits it or not, is a socialist, and his agenda is to change America into a socialist welfare state. As the collapse of one after another of such states in Europe demonstrates, that is the road to economic ruin.
Romney is a capitalist. He would keep America the free market country it has always been. The free market is the only road to general prosperity.
Here’s Milton Friedman on Socialism versus Capitalism – as the short video clip is titled – in a 1979 Phil Donahue show: