The collapse of communism in essence added tens and tens of millions of people to the world labor supply, and the people who were added had previously been getting very low income, but they were not unskilled. Many of them were fairly well educated.
Milton FriedmanWhat would the people who sold us goods do with the money? They'd get dollars. What would they do with the dollars? Eat them?!
Milton FriedmanOn aging societies, there is no reason why a country that has a lot of old people can't be prosperous if, during their working lives, individuals provide for their retirement.
Milton FriedmanWhen everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union - like public housing in the United States - look decrepit within a year or two of their construction.
Milton Friedman