it's hard to take James Murdoch serious when he talks about free makets... considering the fact that his career is the result of who his father is and not own achievements.
I watched through the video. And the man in the end of the clip correctly pointed out - Murdoch is a free market believer, which renders most of his words nonsensical.
"The only guarantee of freedom is profit"...
I'd say opposite - "the only guarantee of profit (for society in long run) is freedom",