Milton Friedman on Free markets and the price system
The free market has been around for thousands and thousands of years. The theory of the free market in a systematic, organized way dates back to Adam Smith in 1776, but the free market doesn’t.
The Open Mind
Interview, 1977, The Open Mind, hosted by Richard Heffner, Episode “A Nobel Laureate on the American Economy” (May 3, 1977)
Where this comes from
Checked against the sourceThe wording was checked against the work itself.
Topics
He also said
I summarized my impressions by saying that I thought that the best way to understand Israel was to recognize that two Jewish traditions were at war with one another in Israel. One of them was a very recent tradition, a tradition of 100 to 150 years old. That’s the tradition of socialism. … The other tradition, I said, was a tradition that was at least 2,000 years old. It was a tradition that had arisen during the diaspora and as a result of the diaspora. It was a tradition of how you get around government regulations, how you find chinks in controls, how you find those areas in which the free market operates and makes the most of them.
The Open MindInterview, 1977, The Open Mind, hosted by Richard Heffner, Episode “A Nobel Laureate on the American Economy” (May 3, 1977)Checked against the sourceWatch itFundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion—the technique of the army and of the modern totalitarian state. The other is voluntary co-operation of individuals—the technique of the market place.
Capitalism and FreedomBook, 1962, Ch. 1 The Relation Between Economic Freedom and Political Freedom, pp. 12-13Not yet checkedEuropeans have a much higher average income than Africans in the market sector—perhaps in the ratio of as much as 10 to 1. But Africans in the market sector have a much higher average income than their fellows in the traditional sector—in about the same ratio. Both Europeans and Africans have benefited from their cooperation.
RhodesiaColumn, 1976, Newsweek, May 3, 1976; reprinted in the Congressional Record, Extensions of Remarks, April 29, 1976, pp. 11979 to 11980, introduced by Representative John Ashbrook of Ohio, who gives it as “an excellent article on Rhodesia by Milton Friedman, which appeared in the May 3 edition of Newsweek”, Congressional Record, April 29, 1976, p. 11979Checked against the sourceRead the original
Think this quote is wrong, misattributed, or missing context?Report it and it gets fixed, not argued with.