Transcripts For CSPAN2 A Capitalist Manifesto 20161128

Call of duty online craft. If you are wealthy and white geese are not likely to be your children. The parents are not as different than the parents you are or parents you know. They are very normal people in the interest of the gun conversation. Host thank you very much. Guest thank you. This is book tv on cspan2. 48 hours of nonfiction books and authors every weekend in from time to time we like to visit College Campuses and talk with professors who are also offers. We are on the campus at Hillsdale College in michigan today visiting with professor gary wolfrum has written a capitalist manifesto understanding the market economy and defending liberty. Professor come in your book you write the roots to capitalism or ancient, so ancient that they likely predate even the language in the development of civilization. Guest people have been exchanging goods and services for a long time and have been making things that theyve been exchanged for other things, other people so thats what market capitalism is about an exchange between a group of individuals and so i would say that it counts as a fundamental aspect where everybody is better off predates perhaps government as bob. Host what you sa would you t is an . They may trade for something because you have a 50dollar book or something training and for a 3dollar pokemon. Host where are we on the capitalist system to a . Guest if you look at the index of Economic Freedom it used to be fourth and now its 12. The government tells you you cant make this trade or exchange. We will tell you how to produce. We have moved in the wrong direction for a long time and part of it is because people dont realize why they are so wealthy. He knows that we are wealthier than we ever were and he started to write how and i dont think we covered very well in school and people dont get why they are so wealthy. If you thought about how the system worked we would have the government was what kind of insurance we should have. Host a student at hillsdale mentioned this and you write about this as well and i will get you to explain the students saitostudents that we f austrian theory here at hillsdale which is what . Guest to cover markets work and are efficient and a book on socialism in 1926 not going to work out for you. Remember 1920s there was the bolshevik revolution and socialism in Great Britain and he was saying theres going to be a big problem because a central planner cant know all they need to know to make sure resources went to please consumers so that with a focus on is how does the market system worked and to please consumers. Its going to be had t have to t life, liberty and property. Thats what the focus should be to let the market allocate resources across the nation. Host there is no freedom other than the market system provides. Guest thats correct. Lets look at the bill of rights we have to have the right of peaceable assembly. To peaceable assembly. If the government owns the land how well you get the right to peaceable assembly. How can you have the right to bear arms of the government owns everything. How does that work if the government owns all the media and of course when you look at countries some might be remembering the soviet union, what happened, they controlled all the media. There was a Government Agency that controlled the media and they had the iron curtain so you cant have any of the liberties that we enjoy without a system where you own the property and unless it conflicts with other peoples rights the government should stay out and protect your property rights. Why do you call this a manifesto . Guest this is why we are so wealthy and this hasnt been discussed much. Its not discussed much in the political arena. Suppose i said i want to make it so that no one can get a job in america unless they produce 15 an hour as a product. I went an to nick sure that is t happens. Its like saying i want a 15dollar per hour minimum wage. Thats what the book is about. This isnt rocket or surgery. Its seeing and observing. I like the story about Sherlock Holmes and he sees watson at the top of the stairs in the apartment. He has been in for a while and says how many steps are coming up from the ground floor and he says i dont know. How many times have you come a bit, hundreds of times. There are 17 steps coming up from the ground floor. You see but do not observe. Thats what the book is about is trying to get people to observe. If someone tells you need a 15dollar minimum wage you should observe that means theres lots of people who will never get a job in america if thats what we have. I dont know if youre old enough to remember service stations you drove in, somebody from your desk and check your oil, somebody learning how to get their first child an job ano interact with the public. Those jobs are not there anymore and that is a problem. Why arent they there . Because we asked for the Public Policies to give us results that no one had expected. Host who is the book targeted to . Guest the average person that wants to learn a little bit about how the system operates a. This is about somebody that had an economics class in college or if you are a homeschooler or you want to have a secondary but thats what its for, the average person thats interest interested. If you read it you will see its not complicated. Its a matter of just taking the time to sit down and say i could spend a few minutes looking at these things. Host i want to read to political statements that are made in this current president ial campaign. This is a headline on cnn. Hillary clinton promises to limit the access of chub prices. Guest how can she possibly do that. Does she know what the price of a drug should be. What we should be doing is looking at why drug prices are the way they are and one reason is because you have a Government Agency, the food and Drug Administration that requires all sorts of things before you can sell a drug and because billions of dollars. So if you are going to make a drug you have a high cost. To spend 4 billion. You have to recover that somehow. If what we have is a system that said weve done such a study and you can sell the product you have to let people know it hasnt been completely tested so you decide im willing to try that and take on the risk. Then you would have a lot more innovation and competition in the industry. The reason you get drug pricing the way you do is because you have always very near us to entry. That would be fraud but if you alert people and say this is where it is let them make the choice and decide then you would get more innovation. To think somehow she could do with the price of drugs are going to be and how its going to affect the innovation of new drugs, how can she possibly know that . Guest donald trump, we will renegotiate nafta and tpp. Guest the problem with the position on the trade, he acts as if it is between the countries. Trade is between individuals. We were talking about the 2yearold was walking with another 2yearold and if i want to trade with someone in brazil or germany i should be able to do that. The government shouldnt come along and say you cant trade. He has a point that at times you ask for trade between countries and then we say if youre going to trade with us, you have to do x. Y. And z. But that will restrict the amount happening but if they trade is going on then both parties are better off. No one forced me to buy the german car that i have. I am better off giving up my money and the Car Manufacturers that we are better off so once we started to think of trade between an individual and then we did the public policy. Host a capitalist manifesto understanding the market economy and defending liberty is the name of the book. Guest thanks for having m me