Sublime

For Friedman, Smith’s invisible hand was an “instrumental device” whose direct opposite was government.

buying power is wiped out to the same extent as productive power is wiped out.

The beneficiaries of organized compulsion, including millions receiving income redistributed by governments, may resent the new freedom realized by Sovereign Individuals. Their upset will illustrate the truism that “where you stand is determined by where you sit.”

Historiquement, soutiennent-ils, les marchés influencés par le gouvernement ont tendance à être coûteux, exclusifs, soumis aux monopoles et mal approvisionnés. En revanche, lorsque l’intervention des pouvoirs publics sur le marché est limitée, les marchés libres sont relativement plus concurrentiels, plus productifs et plus adaptés aux besoins des

Thankfully there is a broader point: One crucial role for government in a market economy is dealing with externalities—those cases in which individuals or firms engage in private behavior that has broader social consequences.

Years later Milton Friedman would recount a story about the first meeting of the Mont Pelerin Society, held in 1947. The group was meant to bring together what Europeans would call liberal intellectuals and what Americans would describe as libertarians. As Friedman recalled, “We were discussing the distribution of income, and whether you should hav

But in spite of the shortcomings of his analysis, Marx had raised some basic questions. I was deeply concerned from my early teen days about the gulf between superfluous wealth and abject poverty, and my reading of Marx made me ever more conscious of this gulf. Although modern American capitalism had greatly reduced the gap through social reforms,