Joseph Stiglitz's Capitalism: Video Analysis

Capitalism is defined is a system in which a countries trade and industries are owned by a private owner. Capitalism is practiced by my many countries around the world and believed to be the only system that should be run across the world. Between the two videos, in one video you see Milton Friedman believes in a capitalism society, and in the other video you see Joseph Stiglitz wants to make capitalism fairer for the people and to get rid of third world debt by having restrictions with the way capitalism is done.
First off, Milton Friedman talked about how many countries in the world use the capitalist system and the differences between every country is what controls the capital. He believes that capitalism is a necessary condition for freedom that needs competition and a free market. You have to see the differences between the two societies to see which system gives the best opportunities and see how people vote with their feet before you make your judgement. He described how in Great Britain it cost more for them to colonize India and that the practice of colonialism has always cost the mother country more than what …show more content…
Throughout the video you see the ups and downs of the capitalism system. In the beginning, the idea of having a capitalism system was a dream for everyone, and it made be immigrant from across the world to be a part of the system. People were free to do what they wanted and was not hesitant. Since there was no rules or regulations the people thought the more they invested the better the economy would be and later the stock market crashed, which led the people to be in complete shock. If you add restrictions and regulations like Stiglitz says we can prevent another stock market crash and Great Depression to occur. The capitalism system would continue to become better and would one day be the only system used across the