Capitalism Quote by Barry Asmus
““A free-market system is one in which economic production and consumption are determined by the free choices of individuals rather than governments, and this process is grounded in private ownership of the means of production. In very simple, practical terms, a free-market system means that people, not the government, own the farms, businesses, and properties in a nation (“the means of production”). “Fundamentally,” says Nobel laureate Milton Friedman, “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.”47””
About This Quote
Source Speech: Economic Commentary, 2020
A free‑market system relies on private ownership and voluntary cooperation, contrasting with government‑directed coercion.
In simple terms: Free markets let individuals own and decide production.
Key Takeaway
Support voluntary economic cooperation.
Themes
economics
freedom
ownership
Mood
analytical
critical
Type
political
economics
When to use this quote
- policy debates
- business decisions
- personal finance
Key Concepts
capitalism
voluntary exchange
private property
Questions to Reflect On
- What are the limits of voluntary markets?
- How can regulation complement free markets?
A Different Perspective
May overlook market failures and inequality.
![“It [the free market] is an organizational way of doing things, featuring openness, which enables millions of people to cooperate and compete without demanding a preliminary clearance of pedigree, nationality, color, race, religion, or wealth. It demands only that each person abide by voluntary…” quote by Leonard Read](https://sms4smile.com/quotes/img-quotes/3fe/leonard-read-14543_capitalism_it-the-free-market-is-an-organizational_2817867.jpg)
![“Neither Italian fascism nor German national "socialism" have anything in common with such a [Soviet socialistic] society, primarily because private ownership of factories, plants, lands, banks, means of transportation, etc., remain untouched there, and, therefore, capitalism in Germany and Italy…” quote by Joseph Stalin](https://sms4smile.com/quotes/img-quotes/411/joseph-stalin-1734_capitalism_neither-italian-fascism-nor-german-natio_1430.jpg)
