Governments harangue about deficits to get more revenue so they can spend more.
Capitalism without failure is like religion without sin. Bankruptcies and losses concentrate the mind on prudent behavior.
Milton Friedman had the grace and good sense to recognize that he wanted to talk to the general public. He wasn't going to just lecture to the people who happened to appear in his classroom in Chicago or on some lecture circuit. He went out to talk to the general public, believing that you had to convince a democratic nation to change its ways, and he succeeded to a considerable extent.
There is a flaw in the operation of representative government. The flaw produces the growth of government.
The reason is that Chile is the brightest spot in Latin America. It has very fast growth, low unemployment. It privatized its Social Security system, which we in USA were unable to do.
