The Power of the Poor

On October 8, PBS will braodcast The Power of the Poor, a new documentary featuring Hernando de Soto, among my favorite economists. The documentary was produced by the same team that brought us Milton Friedman’s classic documentary series Free to Choose. Below is a preview of what to expect:

The Power of the Poor will demonstrate “how free markets, individual freedom and especially the right to property can transform the poor into the most powerful resource in the world. At its heart is the potential triumph of capitalism as a system.”

Click here to read my previous post on the ideas of Hernando do Soto.

Rest in Peace, Rose Friedman

Rose D. Friedman, wife and colleague of Milton Friedman, has passed away. She was believed to be 99 years old, although it is uncertain as she was born in Soviet Russia and many of her records have been lost.

This is far more than the passing of a celebrity or public figure. Rose Friedman was by her husband’s side through his entire career. She played a major role in changing the direction of economic thought and advancing the cause of individual liberty. She is a shining example of the true compassion that underlies so many arguments for free market principles. Her legacy, The Friedman Foundation for Educational Choice, works on behalf of every child to free the educational system from the bureaucratic quagmire that does so much harm to our nation’s children.

Perhaps her most amazing feat, however, is found in The Friedman Foundation’s news release:

And, in addition to her many other accomplishments, Rose had the distinction of being the only person ever known to have won an argument against Milton Friedman.

In accordance with her wishes, her body will be cremated and her ashes scattered at sea. The family has requested that in lieu of flowers or gifts, contributions be made to The Friedman Foundation for Educational Choice.

Rest in peace, Rose. Thank you for everything you gave to the cause of the individual, and may God be with your family in this difficult time.

Quote of the Day

“Industrial progress, mechanical improvement, all of the great wonders of the modern era have meant little to the wealthy. The rich in ancient Greece would have benefited hardly at all from modern plumbing — running servants replaced running water. Television and radio — the patricians of Rome could enjoy the leading musicians and actors in their home, could have the leading artists as domestic retainers. Ready-to-wear clothing, supermarkets — all these and many other modern developments would have added little to their life. They would have welcomed the improvements in transportation and in medicine, but for the rest, the great achievements of western capitalism have rebounded primarily to the benefit of the ordinary person. These achievements have made available to the masses conveniences and amenities that were previously the exclusive prerogative of the rich and powerful.”

~ Milton Friedman, Free to Choose