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We Had Much Freer Trade In The 19th Century. We Have Much Less Globalization Now Than We Did Then.
-Milton Friedman
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We Had Much Freer

Milton Friedman
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We Had Much Freer Trade In The 19th Century. We Have Much Less Globalization Now Than We Did Then.

Understanding the Quote: "we had much freer trade in the 19th century. we have much..."

This quote by Milton Friedman reflects deeply on the theme of globalization. It connects to the universal human journey of purpose, motivation, and reflection. Often categorized under Globalization, Century, Trade, the quote offers insight, emotional clarity, and intellectual inspiration to readers worldwide.

Whether you’re a student exploring new ideas, a leader trying to motivate your team, or someone seeking direction in life — this quote provides value. It resonates because it’s more than words — it’s a bridge between experience and wisdom. It shows how Milton Friedman interprets life's core challenges and triumphs.

Lessons From the Quote

This quote teaches resilience and focus. It reminds readers that no matter where they stand in life, reflection and self-awareness lead to growth. Each word has meaning, and when studied, it becomes clear how impactful thoughtful language can be.

About Milton Friedman

Milton Friedman is celebrated for insightful thoughts on globalization and century. Their legacy lives on through writings that guide, comfort, and inspire. Discover more on their profile page.

Actionable Takeaways

  • Reflect on how this quote applies to your current life path.
  • Share the message with someone who needs inspiration.
  • Write your thoughts on this quote in a journal or blog post.
  • Use it as a daily affirmation or reminder.

Closing Thoughts

Quotes like this endure because they capture universal truths. They comfort us in solitude and empower us in groups. Carry this quote forward — live by its wisdom, share its message, and keep its essence alive.

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Topic
Globalization
Century
Trade
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When You Have A Time Of Crisis What Happens Depends On What Ideas Are Floating Around, And What Ideas Have Been Developed, And Thought Through, And Are Made Effective.
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I Am In Favor Of Cutting Taxes Under Any Circumstances And For Any Excuse, For Any Reason, Whenever It's Possible. ... Because I Believe The Big Problem Is Not Taxes, The Big Problem Is Spending.
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If You Look At The Balance Sheet, The Us Is Heavily In Debt. If You Look At The Income Account - The Amount Of Interest The Us Pays Abroad - It Is Almost Exactly Equal To The Amount Of Interest That It Receives From Abroad. American Assets Held Abroad Are Earning A Higher Rate Of Return Than Foreign Assets Held Here.
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Freedom In Economic Arrangements Is Itself A Component Of Freedom Broadly Understood, So Economic Freedom Is An End In Itself ... Economic Freedom Is Also An Indispensable Means Toward The Achievement Of Political Freedom.
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I Think It's A Scandal What Has Been Happening In The School System So Far As Lower Income Classes. The Dropout Rates, The Illiteracy Rate, You Know Literacy In The United States Was A Lot Higher In 1890 Than It Is Now.
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. . . It Is Worth Discussing Radical Changes, Not In The Expectation That They Will Be Adopted Promptly But For Two Other Reasons. One Is To Construct An Ideal Goal, So That Incremental Changes Can Be Judged By Whether They Move The Institutional Structure Toward Or Away From That Ideal. The Other Reason Is Very Different. It Is So That If A Crisis Requiring Or Facilitating Radical Change Does Arise, Alternatives Will Be Available That Have Been Carefully Developed And Fully Explored.
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Is There Some Society You Know Of That Doesn't Run On Greed? You Think Russia Doesn't Run On Greed? You Think China Doesn't Run On Greed? What Is Greed?
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John Lott Documents How Far 'politically Correct' Vested Interests Are Willing To Go To Denigrate Anyone Who Dares Disagree With Them. Lott Has Done Us All A Service By His Thorough, Thoughtful Scholarly Approach To A Highly Controversial Issue.
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I Would Say That In This World, The Greatest Source Of Inequality Has Been Special Privileges Granted By Government.
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Germany Cannot Get Out Of The Euro. What It Has To Do, Therefore, Is Make The Economy More Flexible - To Eliminate The Restrictions On Prices, On Wages And On Employment; In Short, The Regulations That Keep 10 Percent Of The German Workforce Unemployed.
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In The Us, The Problem Is Primary And Secondary Education. We've Had Such An Increase In Inequality Because A Quarter Of American Kids Don't Finish High School!
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Hell Hath No Fury Like A Bureaucrat Scorned.
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For One Thing, There Are Many "inventions" That Are Not Patentable. The "inventor" Of The Supermarket, For Example, Conferred Great Benefits On His Fellowmen For Which He Could Not Charge Them. Insofar As The Same Kind Of Ability Is Required For The One Kind Of Invention As For The Other, The Existence Of Patents Tends To Divert Activity To Patentable Inventions.
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We Do Not Influence The Course Of Events By Persuading People That We Are Right When We Make What They Regard As Radical Proposals. Rather, We Exert Influence By Keeping Options Available When Something Has To Be Done At A Time Of Crisis.
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Inflation Is The One Form Of Taxation That Can Be Imposed Without Legislation.
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The Evidence Of History Speaks With A Single Voice. I Do Not Know Any Exception To The Proposition That If You Compare Like With Like, The Freer The System, The Better Off The Ordinary Poor People Have Been.
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It Is A Mark Of How Far We Have Gone On The Road To Serfdom That Government Allocation And Rationing Of Oil Is The Automatic Response To The Oil Crisis.
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There's Nothing That Does So Much Harm As Good Intentions.
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Even The Most Ardent Environmentalist Doesn't Really Want To Stop Pollution. If He Thinks About It, And Doesn't Just Talk About It, He Wants To Have The Right Amount Of Pollution. We Can't Really Afford To Eliminate It - Not Without Abandoning All The Benefits Of Technology That We Not Only Enjoy But On Which We Depend.
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I Can Spend Somebody Else's Money On Somebody Else. And If I Spend Somebody Else's Money On Somebody Else, I'm Not Concerned About How Much It Is, And I'm Not Concerned About What I Get. And That's Government.
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And What Does Reward Virtue? You Think The Communist Commissar Rewards Virtue? You Think A Hitler Rewards Virtue? You Think, Excuse Me, If You'll Pardon Me, American Presidents Reward Virtue? Do They Choose Their Appointees On The Basis Of The Virtue Of The People Appointed Or On The Basis Of Their Political Clout?
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I Want People To Take Thought About Their Condition And To Recognize That The Maintenance Of A Free Society Is A Very Difficult And Complicated Thing And It Requires A Self-denying Ordinance Of The Most Extreme Kind
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Years
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In Response To A Suggestion That Total Free Trade Would End In Cheaper Foreign Products Flooding The Market And Causing Unemployment.
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Tests
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Economy
I Want People To Take Thought About Their Condition And To Recognize That The Maintainence Of A Free Society Is A Very Difficult And Complicated Thing And It Requires A Self-denying Ordinance Of The Most Extreme Kind. It Requires A Willingness To Put Up With Temporary Evils On The Basis Of The Subtle And Sophisticated Understanding That If You Step In To Do Something About Them You Not Only May Make Them Worse, You Will Spread Your Tenticles And Get Bad Results Elsewhere.
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Undoubtedly Internet Has Reduced The Possibilities Of Taxation. Why Should I Buy Something Here If I Can Buy It From A Company In Japan Or England Or Brazil With A Lower Tax?
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I Know Of No Example In Time Or Place Of A Society That Has Been Marked By A Large Measure Of Political Freedom, And That Has Not Also Used Something Comparable To A Free Market To Organize The Bulk Of Economic Activity.
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If We Have System In Which Government Is In A Position To Give Large Favor - It's Human Nature To Try To Get This Favor - Whether Those People Are Large Enterprises, Or Whether They're Small Businesses Like Farmers, Or Whether They're Representatives Of Any Other Special Group. The Only Way To Prevent That Is To Force Them To Engage In Competition One With The Other.
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Pick At Random Any Three Letters From The Alphabet, Put Them In Any Order, And You Will Have An Acronym Designating A Federal Agency We Can Do Without.
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You Had A Flood Of Immigrants, Millions Of Them, Coming To This Country. What Brought Them Here? It Was The Hope For A Better Life For Them And Their Children. And, In The Main, They Succeeded. It Is Hard To Find Any Century In History, In Which So Large A Number Of People Experience So Great An Improvement In The Conditions Of Their Life, In The Opportunities Open To Them, As In The Period Of The 19th And Early 20th Century.
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Children
Opportunity
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Branches
Problem
My Interest In Political Philosophy Was Rather Casual Until I Met Hayek.
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Political
Hayek
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Economics
Natural
We Have A System That Increasingly Taxes Work And Subsidizes Nonwork.
Lazy
Society
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Low Income
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People
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Instruments
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There Is Not A Line In 'the Wealth Of Nations' That Is Not Still Applicable To This Day.
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Wealth
Stills
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Wages
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I Am Myself Persuaded, On The Basis Of Extensive Study Of The Historical Evidence, That... The Severity Of Each Of The Contractions - 1920-21, 1929-33, And 1937-38 - Is Directly Attributable To Acts Of Commission And Omission By The Reserve Authorities And Would Not Have Occurred Under Earlier Monetary And Banking Arrangements.
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Class
Issues
How Did We Make The Transition From Using Wood To Using Coal, From Using Coal To Using Oil, From Using Oil To Using Natural Gas? How In God's Name Did We Make That Transition Without A Federal Energy Agency?
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Agency
Government
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Conservative
The Key Insight Of Adam Smith's Wealth Of Nations Is Misleadingly Simple: If An Exchange Between Two Parties Is Voluntary, It Will Not Take Place Unless Both Believe They Will Benefit From It. Most Economic Fallacies Derive From The Neglect Of This Simple Insight, From The Tendency To Assume That There Is A Fixed Pie, That One Party Can Gain Only At The Expense Of Another.
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Simple
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Get Away
Taxes
Unfortunately, Unanimity Is Not Always Feasible.
Unanimity
When A Private Enterprise Fails, It Is Closed Down; When A Government Enterprise Fails, It Is Expanded. Isn't That Exactly What's Been Happening With Drugs?
Weed
Marijuana
Government
Prohibition Is An Attempted Cure That Makes Matters Worse - For Both The Addict And The Rest Of Us.
Matter
Anarchy
Prohibition
If Capitalism Worked As The Socialists Think An Economic System Ought To Work, And Provided A Constant Equality Of Living Conditions For All, Regardless Of Whether A Man Was Able Or Not, Resourceful Or Not, Diligent Or Not, Thrifty Or Not, If Capitalism Put No Premiums On Resourcefulness And Effort And Not Penalty On Idleness Or Vice, It Would Produce Only An Equality Of Destitution.
Men
Thinking
Effort
Fundamentally, There Are Only Two Ways Of Coordinating 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 Cooperation Of Individuals - The Technique Of The Marketplace.
Army
Two
Liberty
The Internet Is The Most Effective Instrument We Have For Globalization.
Internet
Globalization
Instruments
The Way You Solve Things Is By Making It Politically Profitable For The Wrong People To Do The Right Thing.
People
Way
Solve
The Black Market Was A Way Of Getting Around Government Controls. It Was A Way Of Enabling The Free Market To Work. It Was A Way Of Opening Up, Enabling People.
Freedom
Government
Opening Up
The Proper Role Of Government Is Exactly What John Stuart Mill Said In The Middle Of The 19th Century In "on Liberty." The Proper Role Of Government Is To Prevent Other People From Harming An Individual. Government, He Said, Never Has Any Right To Interfere With An Individual For That Individual's Own Good.
Government
People
Political
The Problem Of Social Organization Is How To Set Up An Arrangement Under Which Greed Will Do The Least Harm, Capitalism Is That Kind Of A System.
Philosophy
Organization
Greed
What Happened Was That For Every $100 Of Money, By Which I Mean The Cash That People Keep In Their Pockets, And The Deposits They Have In The Bank, For Every $100 Of Money That There Was In 1929, By 1933 There Was Only $67. The Federal Reserve Allowed The Quantity Of Money To Decline By A Third. While, At All Times, It Had The Possibilities And The Power Of Preventing That From Happening.
Mean
People
Pockets
Political Leaders In Capitalist Countries Who Cheer The Collapse Of Socialism In Other Countries Continue To Favor Socialist Solutions In Their Own. They Know The Words, But They Have Not Learned The Tune.
Country
Cheer
Leader
Our Minds Tell Us, And History Confirms, That The Great Threat To Freedom Is The Concentration Of Power. Government Is Necessary To Preserve Our Freedom, It Is An Instrument Through Which We Can Exercise Our Freedom; Yet By Concentrating Power In Political Hands, It Is Also A Threat To Freedom. Even Though The Men Who Wield This Power Initially Be Of Good Will And Even Though They Be Not Corrupted By The Power They Exercise, The Power Will Both Attract And Form Men Of A Different Stamp.
Exercise
Men
Hands
Nobody Spends Somebody Else's Money As Carefully As He Spends His Own. Nobody Uses Somebody Else's Resources As Carefully As He Uses His Own. So If You Want Efficiency And Effectiveness, If You Want Knowledge To Be Properly Utilized, You Have To Do It Through The Means Of Private Property.
Wisdom
Knowledge
Mean
A Free Society Releases The Energies And Abilities Of People To Pursue Their Own Objectives. It Prevents Some People From Arbitrarily Suppressing Others. It Does Not Prevent Some People From Achieving Positions Of Privilege, But So Long As Freedom Is Maintained, It Prevents Those Positions Of Privilege From Becoming Institutionalized; They Are Subject To Continued Attack By Other Able, Ambitious People.
Long
People
Ambitious
...only Physicians Are Likely To Be Regarded As Competent To Judge The Qualifications Of Potential Physicians, So Licensing Boards In The Various States...are Typically Composed..of Physicians,...members Of The Ama. The Boards, Or The State Legislatures...give The Ama The Power To Influence The Number Of Persons Admitted To Practice (by) Lengthy Training,...(and) The List Of 'approved' Schools And Hospitals (which) Is Generally Identical With The List Issued By The Council On Medical Education And Hospitals Of The Ama.
School
Dark
Practice
If You Spend Your Own Money On Yourself, You Care How Much You Spend And How Well You Spend It. If You Spend Your Own Money On Someone Else, You Care How Much You Spend, But You Don't Care How Well It Is Spent. If You Spend Someone Else's Money On Yourself, You Don't Care How Much You Spend, But You Do Care How Well It Is Spent. And Finally, If You Spend Someone Else's Money On Someone Else, You Don't Care How Much You Spend, And You Don't Care How Well It Is Spent. That Is Government.
Government
Care
Wells
The Strongest Argument For Free Enterprise Is That It Prevents Anybody From Having Too Much Power. Whether That Person Is A Government Official, A Trade Union Official, Or A Business Executive. If Forces Them To Put Up Or Shut Up. They Either Have To Deliver The Goods, Produce Something That People Are Willing To Pay For, Are Willing To Buy, Or Else They Have To Go Into A Different Business.
Government
People
Different
The Long-range Sloution To High Unemployment Is To Increase The Incentive For Ordinary People To Save, Invest, Work, And Employ Others. We Make It Costly For Employers To Employ People; We Subsidize People Not To Go To Work We Have A System That Increasingly Taxes Work And Subsidizes Nonwork.
Long
People
Unemployment
How Can Thinking People Believe That A Government That Cannot Deliver The Mail Can Deliver Gas Better Than Exxon, Mobil, Texaco, Gulf, And The Rest?
Believe
Thinking
Government
It Is Taken For Granted That Workers Should Receive Their Pay Partly In Kind, In The Form Of Medical Care Provided By The Employer. How Come? Why Single Out Medical Care? Surely Food Is No Less Essential To Life Than Medical Care. Why Is It Not At Least As Logical For Workers To Be Required To Buy Their Food At The Company Store As To Be Required To Buy Their Medical Care At The Company Store?
Taken
Care
Pay
. . I Think The Adam Smith Role Was Played In This Cycle I.e. The Late Twentieth Century Collapse Of Socialism In Which The Idea Of Free-markets Succeeded First, And Then Special Events Catalyzed A Complete Change Of Socio-political Policy In Countries Around The World By Friedrich Hayek's The Road To Serfdom.
Country
Thinking
Ideas
The Central Banks Cannot Control Interest Rates. That's A Mistake. They Can Control A Particular Rate, Such As The Federal Funds Rate, If They Want To, But They Can't Control Interest Rates.
Mistake
Want
Interest
The Only Way That Has Ever Been Discovered To Have A Lot Of People Cooperate Together Voluntarily Is Through The Free Market. And That's Why It's So Essential To Preserving Individual Freedom.
Freedom
People
Together
Economic Freedom Is ... An Indispensable Means Toward The Achievement Of Political Freedom.
Freedom
Mean
Independent
It Is Most Attractive About The Us To People And Countries With Wealth Is That It Can Provide Security, Insurance Really, Against Political Instability. Nobody Is Afraid That The Money They Place In The Us Is At Risk Of Expropriation Or Of In Some Other Way Being Taken Away. For This Safety, The Wealth Holders Of The World Are Willing To Accept A Lower Rate Of Return.
Country
Taken
People
If You Have Free Immigration, In The Way We Had It Before 1914, Everybody Benefited. The People Who Were Here Benefited. The People Who Came Benefited. Because Nobody Would Come Unless He, Or His Family, Thought He Would Do Better Here Than He Would Elsewhere. And, The New Immigrants Provided Additional Resources, Provided Additional Possibilities For The People Already Here. So Everybody Can Mutually Benefit.
People
Benefits
Way
A Private Enterprise System Needs Some Measuring Rod, It Needs Something, It Needs Money To Make Its Transactions. You Can't Run A Big Complicated System Through Barter, Through Converting One Commodity Into Another. You Need A Monetary System To Operate. And The Instability In That Monetary System Is Devastating To The Performance Of The Economy.
Running
Needs
Complicated
No Major Institution In The Us Has So Poor A Record Of Performance Over So Long A Period As The Federal Reserve, Yet So High A Public Reputation.
Long
Records
Reputation
There Is No Person, No Theorist So Reckless As He Who Says That The Facts Speak For Themselves.
Facts
Speak
Reckless
No Central Banker Would Disagree With The Proposition That Inflation Is Primarily A Monetary Phenomenon. Not One Of Them Will Disagree That Every Inflation Has Been Accompanied By A Rapid Increase In The Quantity Of Money And Every Deflation By A Decline In The Quantity Of Money.
Bankers
Rapids
Increase
The Government Solution To A Problem Is Usually As Bad As The Problem.
Government
Liberty
Libertarian
Only A Crisis—actual Or Perceived—produces Real Change. When That Crisis Occurs, The Actions That Are Taken Depend On The Ideas That Are Lying Around.
Real
Lying
Taken
The Essential Notion Of A Capitalist Society ... Is Voluntary Cooperation, Voluntary Exchange. The Essential Notion Of A Socialist Society Is Force.
Liberty
Essentials
Libertarian
The Most Unresolved Problem Of The Day Is Precisely The Problem That Concerned The Founders Of This Nation: How To Limit The Scope And Power Of Government. Tyranny, Restrictions On Human Freedom, Come Primarily From Governmental Restrictions That We Ourselves Have Set Up.
Government
Limits
Problem
Making Prohibition Work Is Like Making Water Run Uphill; It's Against Nature.
Running
Freedom
Water
The Founding Fathers Envisioned A Federal Government That Trusts Its People With Their Money And Freedom, Outlining This Limited, Non-intrusive Federal Government In...the Constitution, Leaving The Other Powers To People...or To The States.
Father
Government
People
I Believe The Role That People Like Myself Have Played In The Transformation Of Public Opinion Has Been By Persistently Presenting A Different Point Of View, A Point Of View Which Stresses The Importance Of Private Markets, Of Individual Freedom, And The Distorting Effect Of Governmental Policy.
Stress
Believe
Views
There Is Likely To Be A Lag Between The Need For Action And Government ["an Individual's" Or "a Team's"] Recognition Of The Need; A Further Lag Between Recognition Of The Need For Action And The Taking Of Action; And A Still Further Lag Between The Action And Its Effects
Team
Government
Needs
Never Try To Walk Across A River Just Because It Has An Average Depth Of Four Feet.
Average
Rivers
Feet
The Lesson For Asia Is; If You Have A Central Bank, Have A Floating Exchange Rate; If You Want To Have A Fixed Exchange Rate, Abolish Your Central Bank And Adopt A Currency Board Instead. Either Extreme; A Fixed Exchange Rate Through A Currency Board, But No Central Bank, Or A Central Bank Plus Truly Floating Exchange Rates; Either Of Those Is A Tenable Arrangement. But A Pegged Exchange Rate With A Central Bank Is A Recipe For Trouble.
Recipes
Want
Asia
A Society That Puts Equality Before Freedom Will Get Neither. A Society That Puts Freedom Before Equality Will Get A High Degree Of Both.
Freedom
Equality
Degrees
If Instead Of Looking At Income, You Look At Levels Of Consumption, If Anything That's Become More Equal. The Fraction Of Families That Have A Dishwasher, That Have A Sewing Machine, That Have A Television Set. In Respect To Consumption, It's Very Hard To Avoid The View That People Have Been Getting More Equal Rather Than More Unequal.
Views
People
Income
Inflation Is A Monetary Phenomenon. It Is Made By Or Stopped By The Central Bank.
Made
Phenomenon
Inflation
Governments Never Learn. Only People Learn.
Philosophy
Government
People
Humility Is The Distinguishing Virtue Of The Believer In Freedom; Arrogance, Of The Paternalist.
Humility
Arrogance
Virtue
I Start ... From A Belief In Individual Freedom And That Derives Fundamentally From A Belief In The Limitations Of Our Knowledge, From A Belief ... That Nobody Can Be Sure That What He Believes Is Right, Is Really Right ... I'm An Imperfect Human Being Who Cannot Be Certain Of Anything, So What Position ... Involved The Least Intolerance On My Part? ... The Most Attractive Position ... Is Putting Individual Freedom First.
Freedom
Believe
Firsts
Inflation Is Always And Everywhere A Monetary Phenomenon In The Sense That It Is And Can Be Produced Only By A More Rapid Increase In The Quantity Of Money Than In Output... A Steady Rate Of Monetary Growth At A Moderate Level Can Provide A Framework Under Which A Country Can Have Little Inflation And Much Growth. It Will Not Produce Perfect Stability; It Will Not Produce Heaven On Earth; But It Can Make An Important Contribution To A Stable Economic Society.
Country
Perfect
Heaven
The Price Works So Well, So Efficiently, That We Are Not Aware Of It Most Of The Time.
Time
Military
War
There Is No Place For Government To Prohibit Consumers From Buying Products The Effect Of Which Will Be To Harm Themselves.
Government
Buying
Harm
The Great Danger To The Consumer Is The Monopoly -whether Private Or Governmental. His Most Effective Protection Is Free Competition At Home And Free Trade Throughout The World. The Consumer Is Protected From Being Exploited By One Seller By The Existence Of Another Seller From Whom He Can Buy And Who Is Eager To Sell To Him. Alternative Sources Of Supply Protect The Consumer Far More Effectively Than All The Ralph Naders Of The World.
Home
Competition
Alternatives
Spending By Government Currently Amounts To About 45 Percent Of National Income. By That Test, Government Owns 45 Percent Of The Means Of Production That Produce The National Income. The U.s. Is Now 45 Percent Socialist.
Mean
Government
Income
In The Current World, With The Skills Needed, Dropouts [like No Secondary Education] Are Condemned To Being Members Of The Underclass. In My View, This Is A Fault Of The American School System, Which Is A Government Monopoly.
School
Government
Views
If You Pay People Not To Work And Tax Them When They Do, Don't Be Surprised If You Get Unemployment.
People
Unemployment
Pay
China Has Seen A Great Deal Of Economic Progress. It's Certainly Rather Of A Miracle. The Growing Role Of The Market In The Economy Will Force China To Open Up Its Political System Over Time And To Move Toward A More Democratic Society. So Taken As A Whole, The One Real Failure In This Whole Business Has Been Russia.
Real
Moving
Taken
If Even A Small Fraction Of The Money We Now Spend On Trying To Enforce Drug Prohibition Were Devoted To Treatment And Drug Rehabilitation, In An Atmosphere Of Compassion Not Punishment, The Reduction In Drug Usage And In The Harm Done To Users Could Be Dramatic.
Compassion
Punishment
Drug
The State Of Our Educational System Is A Disgrace To Our Country. We Have An Elementary And Secondary School System In Which Close To Half Of The Youngsters Never Graduate Properly. It's A Disgrace That There Is More Illiteracy Today Than There Was 100 Years Ago.
Country
Educational
School
Cutting Government Spending And Government Intrusion In The Economy Will Almost Surely Involve Immediate Gain For The Many, Short-term Pain For The Few, And Long-term Gain For All.
Pain
Cutting
Government
I Am Favor Of Cutting Taxes Under Any Circumstances And For Any Excuse, For Any Reason, Whenever It's Possible.
Cutting
Liberty
Taxation
The Rule Of Law Does Not Guarantee Freedom, Since General Law As Well As Personal Edicts Can Be Tyrannical. But Increasing Reliance On The Rule Of Law Clearly Played A Major Role In Transforming Western Society From A World In Which The Ordinary Citizen Was Literally Subject To The Arbitrary Will Of His Master To A World In Which The Ordinary Citizen Could Regard Himself As His Own Master
Law
Ordinary
Doe
I Think Almost Every Economist Would Agree That Government Gets Itself In Trouble When It Tries To Interfere With Voluntary Behavior.
Freedom
Thinking
Government
I Do Not Believe That The Solution To Our Problem Is Simply To Elect The Right People. The Important Thing Is To Establish A Political Climate Of Opinion Which Will Make It Politically Profitable For The Wrong People To Do The Right Thing. Unless It Is Politically Profitable For The Wrong People To Do The Right Thing, The Right People Will Not Do The Right Thing Either, Or It They Try, They Will Shortly Be Out Of Office.
Believe
Office
People
The Same Thing Will Happen In China That Happened In Chile. Political Freedom Will Ultimately Break Out Of Its Shackles. Tiananmen Square Was Only The First Episode. It Is Headed For A Series Of Tiananmen Squares. It Cannot Continue To Develop Privately And At The Same Time Maintain Its Authoritarian Character Politically. It Is Headed For A Clash. Sooner Or Later, One Or The Other Will Give.
Character
Squares
Giving
Plato Assumes Somehow That Government Is A Way In Which You Put Unselfish And Ungreedy Men In Charge Of Selfish And Greedy Men. But Government Is An Institution Whereby The People Who Have The Greatest Drive To Get Power Over Their Fellow Men, Get In A Position Of Controlling Them. Look At The Record Of Government. Where Are These Philosopher Kings That Plato Supposedly Was Trying To Develop?
Kings
Plato
Selfish
The Heart Of The Liberal Philosophy Is A Belief In The Dignity Of The Individual, In His Freedom To Make The Most Of His Capacities And Opportunities According To His Own Lights.
Philosophy
Heart
Opportunity
What Works For Sweden Wouldn't Work For France Or Germany Or Italy. In A Small State, You Can Reach Outside For Many Of Your Activities. In A Homogeneous Culture, They Are Willing To Pay Higher Taxes In Order To Achieve Commonly Held Goals. But "common Goals" Are Much Harder To Come By In Larger, More Heterogeneous Populations.
Order
Goal
Population
When You Argue For Free Markets, You Are Arguing Against The Trend.
Trends
Arguing
Free Market
There Is No Figure Who Had More Of An Influence, No Person Had More Of An Influence On The Intellectuals Behind The Iron Curtain Than Friedrich Hayek. His Books Were Translated And Published By The Underground And Black Market Editions, Read Widely, And Undoubtedly Influenced The Climate Of Opinion That Ultimately Brought About The Collapse Of The Soviet Union.
Book
Iron
Black
It's A Moral Problem That The Government Is Making Into Criminals People, Who May Be Doing Something You And I Don't Approve Of, But Who Are Doing Something That Hurts Nobody Else.
Hurt
Government
People
The Growing Role That The Government Has Played In Financing And Administering Schooling Has Led Not Only The Enormous Waste Of Taxpayers Money But Also To A Far Poorer Educational System.
Educational
Government
Roles
Rich People Are The Experimental Ground For Every New Development. The Nature Of Progress Is That What Begins As A Luxury For The Rich Becomes A Necessity For The Poor As It's Developed And Passed On.
Luxury
People
Progress
The Great Depression Was Not A Sign Of The Failure Of Monetary Policy Or A Result Of The Failure Of The Market System As Was Widely Interpreted. It Was Instead A Consequence Of A Very Serious Government Failure, In Particular A Failure In The Monetary Authorities To Do What They'd Initially Been Set Up To Do.
Government
Serious
Great Depression
By Encouraging Men To Spy And Report On One Another, By Making It In The Private Interest Of Large Numbers Of Citizens To Evade The Controls, And By Making Actions Illegal That Are In The Public Interest, The Controls Undermine Individual Morality.
Men
Numbers
Spy
I Believe That The Monetary Stability Is An Absolutely Critical Element In The Satisfactory Operation Of A System.
Believe
Elements
Operations
I'm In Favor Of Legalizing Drugs. According To My Values System, If People Want To Kill Themselves, They Have Every Right To Do So. Most Of The Harm That Comes From Drugs Is Because They Are Illegal.
People
Drug
Favors
George Stigler Was A Delightful Correspondent. In A Letter From London In 1948, After Remarking On The Inconvertibility Of The Pound And The Inedible, Still-rationed Food, He Concluded, "so Here I Am Losing Weight And Gaining Pounds.
Here I Am
Weight
Letters
Why Is It That Private Insurance Companies Are Not In Trouble Because People Are Getting Older? Aren't They Subject To The Same Demographics? The Difference Is That They've Accumulated A Fund, Not A Pay-in, Pay-out System.
Differences
People
Getting Older
The Existence Of A Free Market Does Not Of Course Eliminate The Need For Government. On The Contrary, Government Is Essential Both As A Forum For Determining The "rule Of The Game" And As An Umpire To Interpret And Enforce The Rules Decided On.
Government
Games
Umpires
The Great Depression In The United States, Far From Being A Sign Of The Inherent Instability Of The Private Enterprise System, Is A Testament To How Much Harm Can Be Done By Mistakes On The Part Of A Few Men When They Wield Vast Power Over The Monetary System Of The Country.
Country
Mistake
Men
The Great Virtue Of A Free Market Is That It Enables People Who Hate Each Other, Or Who Are From Vastly Different Religious Or Ethnic Backgrounds, To Cooperate Economically. Government Intervention Can't Do That.
Religious
Hate
Government
Thanks To Economists, All Of Us, From The Days Of Adam Smith And Before Right Down To The Present, Tariffs Are Perhaps One Tenth Of One Percent Lower Than They Otherwise Would Have Been. And Because Of Our Efforts, We Have Earned Our Salaries Ten-thousand Fold.
Effort
Salary
Tariffs
I Am A Limited-government Libertarian.
Government
Libertarian
Limited Government
The Power To Do Good Is Also The Power To Do Harm.
Power
Harm
Anything That Government Can Do, Private Enterprise Can Do For Half The Cost.
Government
Cost
Half
Japan Has Introduced Fiscal Stimulus Five Times In The Past Seven Or Eight Years And Each Time It's Been A Failure And That's Not A Surprise. Fiscal Stimulus Is Not Stimulating In And Of Itself.
Past
Eight
Japan
The Word 'free' Is Used Three Times In The Declaration Of Independence And Once In The First Amendment To The Constitution, Along With 'freedom.' The Word 'fair' Is Not Used In Either Of Our Founding Documents.
Independence
Three
Firsts
You Cannot Simultaneously Have Free Immigration And A Welfare State.
Immigration
Welfare
States
I'd Like To Promote Lots Of Things. I'd Like To Promote Elimination Of Drug Prohibition. I'd Like To Promote Parental Choice In Education Through Vouchers. Those Are Two Things I Think Are Very Urgent And Important. They're Both More Important Than The Harm Which Social Security Will Do.
Thinking
Two
Choices
Economists May Not Know How To Run The Economy, But They Know How To Create Shortages Or Gluts Simply By Regulating Prices Below The Market, Or Artificially Supporting Them From Above.
Running
May
Economy
The Government Doesn't Have Any Money. The Only Power It Has Is To Take From Some And Give To Others.
Government
Giving
There's No Such Thing As A Free Lunch.
Lunch Break
Economics
Ecological Crisis
Speeches By Businessmen On Social Responsibility...may Gain Them Kudos In The Short Run. But It Helps To Strengthen The Already Too Prevalent View That The Pursuit Of Profits Is Wicked.... There Is One And Only One Social Responsibility Of Business-to...engage In Open And Free Competition Without Deception Or Fraud.
Running
Responsibility
Views
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