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Spring 2001

ISSN 0890-913X

Volume 16, Number 2

Categories: Spring 2001

Free Markets on Film : Hollywood and Capitalism

Robert Formaini, Federal Reserve Bank of Dallas

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FreeMarketsonFilm:HollywoodandCapitalismRobertFormainiFederalReserveBankofDallasAwonderfulexampleofthepowerofcapitalismtocreatemarkets,andtotransformanexistingundertakingwhilecreatingfabulouswealthintheprocess,istheriseoftheAmericanfilmindustry.Today,Hollywoodmakesfilmsthatgenerateinexcessofsevenbilliondollarsattheprimaryboxofficealone,thenearnadditionalmoniesfromvideotapes,televisionrights,andforeigndistribution.Despitetheprotectionistandcensorialpoliciesofmanynations,America'sfilmindustryeasilydominatestheworld'sfilmproductionanddistributionindustry,andthosewhoproduceandworkinthefilmindustryareextremelywell-compensatedfortheirefforts.Giventhis,onemight*TheopinionsexpressedinthisarticlearesolelythoseoftheauthorandarenotnecessarilysharedbyeithertheFederalReserveBankofDallasortheFederalReserveSystem.expect-apriori-thatthefilmindustrywouldbeoneofthemosteffectiveeducationalinstrumentsforpromotingthefreemarket.Butonewould,alas,bequitemistaken.ForHollywood,fromitsearliesttimerightthroughtothepresent,isasingleeconomicpoint-of-viewtown,andthatviewpointis,generally,anti-capitalist.Evensoafewfilmswhichportrayfreeenterpriseeitheraccurately,oratleastwithsomeaffectionand/orrespect,sometimesinspiteofthewriters/directors'intentions.Inthisendeavor,Icannotbeevenclosetoexhaustive,norwilleveryoneagreewithmychoicesand/orthereasonsforthosechoices.Ihope,however,thatteachersoftheprinciplesofthemarketsocietywillconsiderusingsomeofthesefilmsinclasstoprovokediscussion,orjusttoshowstudentssomethingthatcutsagainstHollywood=srelentlesslyanti-capitalist

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Metadata [hide]

Title	Free Markets on Film : Hollywood and Capitalism
Authors/Creators:	Robert Formaini, Federal Reserve Bank of Dallas
Year:	2001
Volume:	16
Number:	2
Pages:	48 - 55
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles

Citation:
Formaini, Robert / 2001. "Free Markets on Film : Hollywood and Capitalism." The Journal of Private Enterprise, 16(2): 48-55.