Essence of the Free Market System

Here is the essence of the free market system as articulated by Milton Friedman from the University of Chicago.


2 Responses to “Essence of the Free Market System”

  1. Ben Goldmuntz Says:

    “What distinguishes the capitalist economy from the simple exchange economy it the separation of labor and capital, that is, the existence of a labor force without its own sufficient capital and therefore without a choice as to whether to put its labor in the market or not. Professor Friedman would agree that where there is no choice there is coercion. His attempted demonstration that capitalism coordinates without coercion therefore fails.” – C.B. Macpherson, Democratic Theory: Essays in Retrieval

    So from that, doesn’t the public sector have a role to play in limiting the coercion of the market, and not just coercion of the state that limits the movement of corporations?

  2. Kristine Resendes Says:

    …and people everywhere are happy. The whole pie is bigger.. Milton speaks in this video like the essence of the age of the worker seems like an easy transition “with the fruits of the economic progress helping” everyone, from top to bottom. I do not know enough about what the rest of his theory on this is to be as convinced as he is, but he has got something.

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