Quote by Milton Friedman

The great virtue of free enterprise is that it forces existing businesses to meet the test of the market continuously, to produce products that meet consumer demands at lowest cost, or else be driven from the market. It is a profit-and-loss system. Naturally, existing businesses generally prefer to keep out competitors in other ways. That is why the business community, despite its rhetoric, has so often been a major enemy of truly free enterprise.

The great virtue of free enterprise is that it forces existi

Summary

This quote emphasizes the benefits of free enterprise in promoting competition and efficiency. It highlights how the market forces businesses to constantly adapt and innovate in order to meet consumer needs and remain competitive. The profit-and-loss system incentivizes businesses to produce products at the lowest cost possible. However, the quote also points out that some businesses may try to hinder competition through other means, despite outwardly supporting free enterprise.

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By Milton Friedman

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