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Milton Friedman on Corporations

Libertarian Economist


Free markets are excellent at keeping businesses in line

As economist Milton Friedman states below, free markets are an excellent force to keep businesses in line.

People and markets aren't perfect. There IS a role for government to keep companies and people from defrauding one another. But Friedman explained why we should have less faith in government control and more faith in the free market in his 1962 book "Capitalism and Freedom":

"The consumer is protected from coercion by the seller because of the presence of other sellers with whom he can deal. The seller is protected from coercion by the consumer because of other consumers to whom he can sell. The employee is protected from coercion by the employer because of the other employers for whom he can work, and so on. And the market does this impersonally and without centralized authority."

Source: Last Line of Defense, by Ken Cuccinelli, p.235-236 , Feb 12, 2013

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Page last updated: Jul 06, 2014