“Fundamentally, there are only two ways of coordinating 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.”

Source: (1962), Ch. 1 The Relation Between Economic Freedom and Political Freedom, pp. 12-13

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction in…" by Milton Friedman?

Milton Friedman158

American economist, statistician, and writer 1912–2006

Related quotes

“It may also be noted that the authoritarian states are in trouble internationally. Some regard this as intentional, as part of the diversion and scapegoat technique, while others think that it is more or less inevitable because of the very co-ordination of the economic activities of the individual nations in question.”

Luther H. Gulick (1892–1993) American academic

Source: "Notes on the Theory of Organization," 1937, p. 40

“By virtue of the way it has organized its technological base, contemporary industrial society tends to be totalitarian. For "totalitarian" is not only a terroristic political coordination of society, but also a non-terroristic economic-technical coordination which operates through the manipulation of needs by vested interests.”

Herbert Marcuse book One-Dimensional Man

Source: One-Dimensional Man (1964), p. 5

“A liberal is fundamentally fearful of concentrated power. His objective is to preserve the maximum degree of freedom for each individual separately that is compatible with one man's freedom not interfering with other men's freedom. He believes that this objective requires that power be dispersed. He is suspicious of assigning to government any functions that can be performed through the market, both because this substitutes coercion for voluntary co-operation in the area in question and because, by giving government an increased role, it threatens freedom in other areas.”

Milton Friedman (1912–2006) American economist, statistician, and writer

Source: (1962), Ch. 3 The Control of Money, p. 39

“By relying primarily on voluntary co-operation and private enterprise, in both economic and other activities, we can insure that the private sector is a check on the powers of the governmental sector and an effective protection of freedom of speech, of religion, and of thought.”

Milton Friedman book Capitalism and Freedom

Introduction, p. 3
Capitalism and Freedom (1962)

“Throughout the software life cycle, there are many decision situations involving limited resources in which software engineering economics techniques provide useful assistance.”

Barry Boehm (1935) American software engineer

Source: Software engineering economics. (1984), p. 4

“Some institutionalist lines of thought, arising particularly in economics and political science, retain very strong notions of society as made up of bounded, purposive, sovereign, and rational actors. In economics, these might be individuals or organizations, operating in market-like environments. In political science, they might be sovereign national-states operating in an almost anarchic environment. Institutionalism, in such schemes, involves the idea that some fundamental institutional principle must be in place before systems of such actors can effectively operate. The classic core principle required in economic versions is property rights (North & Thomas, 1973). In international relations theory it is the principle of nation-state sovereignty”

John W. Meyer (1935) Sociologist and professor at Stanford University

Krasner, 1999
Source: "Reflections on institutional theories of organization,." 2008, p. 790

“Second, the only proven technique for treatment for chemically dependent people involves use of a spiritual program of self-change.”

Virgil Miller Newton (1938) American priest

Miller Newton (1983). The Teenage Drug Epidemic, El Paso Physician, vol 6, pp. 5-6.
Religious Beliefs

“Management is the activity which plans, organizes, and controls the operations of the basic elements of men, materials, machines, methods, money, and markets, providing direction and coordination, and giving leadership to human efforts, so as to achieve the thought objectives of the enterprise.”

George R. Terry (1909–1979)

As cited in Wren & Bedeian (1972;411)
Principles of Management, 1960

“The organization of economic activity through voluntary exchange presumes that we have provided, through government, for the maintenance of law and order to prevent coercion of one individual by another, the enforcement of contracts voluntarily entered into, the definition of the meaning of property rights, the interpretation and enforcement of such rights, and the provision of a monetary framework.”

Milton Friedman (1912–2006) American economist, statistician, and writer

Source: (1962), Ch. 2 The Role of Government in a Free Society, p. 27

“It is in the development of further administrative coordination that we must come to political scientists for aid. We ask that you apply to the field of economic administration the technique of analysis and principles of organization which you have developed in the study of administrative organization in the form of the state.”

Gardiner C. Means (1896–1988) American economist

Source: "The Distribution of Control and Responsibility in a Modern Economy", 1935, p. 64

Help us to complete the source, original and additional information

Milton Friedman158

Related quotes

Related topics