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Milton Friedman on Regulation, licensing, and bureaucracy

Nixon was the most socialist of the presidents of the United States in the 20th century. ( … ) Well, his ideas were not socialist, quite the opposite, but if you look at what happened during his administration, first of all, the number of pages in the Federal Register, which is full of regulations about business, doubled during his regime.
Commanding Heights: Milton Friedman interview
Interview, 2000, PBS, “On Richard Nixon,” interview conducted October 1, 2000
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  1. The Federal Reserve system had been established to prevent what actually happened. It was set up to avoid a situation in which you would have to close down banks, in which you would have a banking crisis. And yet, under the Federal Reserve system, you had the worst banking crisis in the history of the United States. There's no other example I can think of, of a government measure which produced so clearly the opposite of the results that were intended.
    Commanding Heights: Milton Friedman interview
    Interview, 2000, PBS, “The Great Depression,” interview conducted October 1, 2000
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  2. Re vouchers—and I’m now speaking of schooling vouchers—schooling is, next only to national defense, the largest socialist enterprise in the United States. And it is clearly as much of a failure as the socialist enterprises in Poland or Hungary or Czechoslovakia or East Germany.
    Say 'No' to Intolerance
    Speech, 1991, Liberty, vol. 4, no. 6 (July 1991), p. 20
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  3. Well, the way in which many economists have implicitly reconciled it is by being in favor of the free market in general and opposed to the free market in particular. This area is a special case. It needs regulation. This area is a special case. You know, the same thing happens to businessmen. Every businessman is in favor of private enterprise. Except for himself.
    The Open Mind
    Interview, 1977, The Open Mind, hosted by Richard Heffner, Episode “A Nobel Laureate on the American Economy” (May 3, 1977)
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