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Political Science
Political Science 2102A/B

Martinez • Smart market players understand hard work with government support can make you rich • Greed Adam Smith embraced does not control itself o Laws of Justice (shifting of resources from one party to another) are not just market aberrations • The state often used as a means to achieve their ends • Friedman: o Warned of collectivism o Thought government spending was a socialist threat to Western society o Believed society was moving toward state-led extremism o Wanted to reduce the role of the state and allow people pursue their own objectives freely o Government should only reinforce the rules of the market  Set up framework that allows people to pursue their end means • Holes in Friedman’s Arguments: o Ignored how government intervention gave women and minorities more opportunities o Ignored how the post WWII era brought the greatest economic growth and innovation  Also ignored growing incomes between 1947-1979 • Friedman: o Agreed with Smith’s invisible hand theory o Believed if people were free from collectivism  people would provide others in society the goods they needed o Markets would only succeed if markets were voluntary (people get to make their own decisions), both parties benefited from exchange and no coercion occurred o Combining StateActivities and collectivism is important for 3 reasons  Combining state and collectivist activities makes marginalizing the state easier  Marginalizing the state makes it easier to claim that the market is a place for virtuous place for self-interested individuals • Only occurs if state doesn’t inject itself into the market  Present state activities are a step toward collectiv
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