When a private enterprise fails, it is closed down; when a government enterprise fails, it is expanded. Isn't that exactly what's been happening with drugs?
Interpretation
The quote critiques the tendency of government to expand in response to its failures, particularly in the context of drug policy.
Milton Friedman highlights a key difference between private and government enterprises: when a private company fails, it ceases to exist, while a government program often grows despite its shortcomings. This observation is especially pointed in the discussion of drug policy, where many argue that government interventions have not effectively addressed drug issues, yet the response has often been to increase government involvement rather than reassess the approach.
In practice
This quote could be used in a debate about the effectiveness of government-led initiatives.
The economic miracle that has been the United States was not produced by socialized enterprises, by government-unon-industry cartels or by centralized economic planning. It was produced by private enterprises in a profit-and-loss system. And losses were at least as important in weeding out failures, as profits in fostering successes. Let government succor failures, and we shall be headed for stagnation and decline.
Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.
There is no place for government to prohibit consumers from buying products the effect of which will be to harm themselves.
There is one and only one social responsibility of business - to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
The great danger to the consumer is the monopoly -whether private or governmental. His most effective protection is free competition at home and free trade throughout the world. The consumer is protected from being exploited by one seller by the existence of another seller from whom he can buy and who is eager to sell to him. Alternative sources of supply protect the consumer far more effectively than all the Ralph Naders of the world.
The strongest argument for free enterprise is that it prevents anybody from having too much power. Whether that person is a government official, a trade union official, or a business executive. If forces them to put up or shut up. They either have to deliver the goods, produce something that people are willing to pay for, are willing to buy, or else they have to go into a different business.
I shall strive not to be guilty of adding any fuel to the flames of hatred and passion which, if continued to be fed, promise to burn up whatever is left by the war of decent human feeling in Europe.
Without a free press there can be no free society. That is axiomatic. However, freedom of the press is not an end in itself but a means to the end of a free society. The scope and nature of the constitutional guarantee of the freedom of the press are to be viewed and applied in that light.
The sacred is in the ordinary...it is to be found in one's daily life, in one's neighbors, friends, and family, in one's own backyard...travel may be a flight from confronting the scared--this lesson can be easily lost. To be looking elsewhere for miracles is to me a sure sign of ignorance that everything is miraculous.
We've been deceived by the thought that we would be more pleasing to God in our own way than in the way God has given us.
Half of what I say is meaningless; but I say it so that the other half may reach you.
I got interested in the American culture war back in 2004, and it's one of the only growth stocks I've ever invested in.
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