Quotation of the Day…

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… is from page 13 of Milton and Rose Friedman’s essential 1962 book, Capitalism and Freedom:

Fundamentally, there are only two ways of co-ordinating 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.

DBx: Milton Friedman was born in Brooklyn on this date, July 31st, in 1912.