In response to a suggestion that total free trade would end in cheaper foreign products flooding the market and causing unemployment.
Milton FriedmanSocialism, in the traditional sense, meant government ownership and operation of the means of production. Outside of North Korea and a couple of other spots, no one in the world today would define socialism that way. That will never come back.
Milton FriedmanI think that nothing is so important for freedom as recognizing in the law each individualโs natural right to property, and giving individuals a sense that they own something that theyโre responsible for, that they have control over, and that they can dispose of.
Milton FriedmanIndividual price and wage changes will not be prevented. In the main, price changes will simply be concealed by taking the form of changes in discounts, service, and quality, and wage changes, in overtime, perquisites and so onโฆ. But to whatever extent the freeze is enforced, it will do harm by distorting relative prices.
Milton Friedman