economic coordination

Liberty Quotation of the Day: Milton Friedman on the Two Ways to Coordinate Economic Activity

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Milton Friedman“Fundamentally, there are only two ways of co-ordinating 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 co-operation of individuals—the technique of the market place.”

Milton Friedman, Capitalism and Freedom [1962]