"The possibility of co-ordination through voluntary
co-operation rests on the elementary - yet frequently denied -
proposition that both parties to an economic transaction benefit
from it, provided the transaction is bi-laterally
voluntary and informed.
Exchange can therefore bring about co-ordination without coercion.
A working model of a society organized through voluntary exchange
is a free private enterprise exchange economy - what
we have been calling competitive capitalism."1a*
Clemenceau, money is much too serious a matter to be
left to the Central Bankers."1b
could so thoroughly undermine the very foundations of our free
society as the acceptance by corporate officials of a social
responsibility other than to make as much money for their
stockholders as possible."1c
Italics in the original.
1 Milton Friedman (1912-2006). Capitalism
and Freedom. With the assistance of Rose D. Friedman.
Chicago, IL: The University of Chicago, 1962, 1982.
a The Relation between Economic Freedom and Political
Freedom, at 13.
b The Control of Money, at 51.
c Monopoly and the Social Responsibility of Business
and Labor, at 133.