Hoover InstitutionStanford University
The Consequences of Socialism and Capitalism

Published:September 7, 2021

The debate over whether socialism or capitalism leads to better outcomes continues to this day. Milton Friedman argued that it was critical to look at each system's results instead of focusing on the intentions behind them. While proponents of socialism make their appeals based on social justice and equality, the truth is that social injustices are the greatest under socialist regimes.

Discussion Questions

  1. How good is capitalism at generating equality of opportunity?
  2. Is socialism incompatible with a functioning society?

Additional Resources

  • Watch as Milton Friedman discusses socialism and capitalism. Available here.
  • To learn more about the free market, read “The Future of Capitalism,” by Milton Friedman. Available here.

Cast

Milton Friedman

Milton Friedman

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