Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself... Everyone understands now, on the contrary, that there can be no solution without government.
Sentiment: NEGATIVE
We no longer have a free market in the United States, we have a government controlled free market.
If we want our regulators to do better, we have to embrace a simple idea: regulation isn't an obstacle to thriving free markets; it's a vital part of them.
No economic system is perfect. But the American Free Enterprise system has empowered millions of people in the past. I know, because I saw it with my own eyes.
The government has a key role in regulating and making sure there's an even playing field and protecting consumers. No question about it.
Government is the only industry in which we don't have a choice. If you live somewhere, you belong to that government. So we get bad service for high prices. This doesn't have to be.
The history of business has shown that companies usually only regulate themselves if they're forced to by legislation, or out of self-interest - often in the shape of a marketable message that will help sell more products.
The historical debate is over. The answer is free-market capitalism.
The markets want to force us to do certain things. That we won't do. Politicians have to make sure that we're unassailable, that we can make policy for the people.
If you allow for a purely capitalistic society, without any type of regulation at all, you will get one monopoly that will eat all of the smaller fish and own everything, and then you'll have zero capitalism, zero competition - it would just be one giant company.
What we want is to establish the rules of a market economy - not to plan its outcome.
No opposing quotes found.