Bonus Quotation of the Day…

by Don Boudreaux on January 29, 2021

in Philosophy of Freedom, Property Rights

… is from Milton Friedman’s September 13th, 1970, essay in the New York Times Magazine – an essay titled “The Social Responsibility of Business is to Increase its Profits”:

The political principle that underlies the market mechanism is unanimity. In an ideal free market resting on private property, no individual can coerce any other, all cooperation is voluntary, all parties to such cooperation benefit or they need not participate….

The political principle that underlies the political mechanism is conformity. The individual must serve a more general social interest – whether that be determined by a church or a dictator or a majority. The individual may have a vote and say in what is to be done, but if he is overruled, he must conform.


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