The market is the basis of social peace as well as prosperity

Milton Friedman pointed specifically to the anonymity and impersonal nature of the market as a way that people that would otherwise hate each other if they met on any other basis could instead co-operate, work productively together and become friendly with each other.

“The great virtue of a free market system is that it does not care what colour people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.”

Milton Friedman

Benevolence is not enough. The market process ensures that the unpopular and unpleasant also get fed and have jobs. The market is the basis of social peace as well as the only method by which the masses escaped from grinding poverty.

1 Comment (+add yours?)

  1. Tim Shey's avatar Tim Shey
    Mar 27, 2015 @ 08:59:14

    Milton Friedman Quotes

    “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.”

    “Nothing is so permanent as a temporary government program.”

    “The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.”

    “The greatest advances of civilization, whether in architecture or painting, in science and literature, in industry or agriculture, have never come from centralized government.”

    “The most important single central fact about a free market is that no exchange takes place unless both parties benefit.”

    “Underlying most arguments against the free market is a lack of belief in freedom itself.”

    “We have a system that increasingly taxes work and subsidizes nonwork.”

    Milton Friedman, Economist (1912-2006)

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