““According to Friedman, if individuals are voluntarily entering into exchanges from which both parties expect to benefit, then the market is free. This is a fairly conventional definition of a free-market economy. It hinges on the insistence that exchanges be voluntary and informed. With regard to information, an exchange cannot be free if one party has deceived another, say, by selling the other a house without divulging a severe problem with termites. Barring such deception, however, Friedman is confident that the price system in a free-market economy transmits all the information needed to make exchanges informed.””
![“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_clearance_it-the-free-market-is-an-organizational_2817867.jpg)
