Milton Friedman: Free Exchange
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SUMMARY:
In this clip Friedman defines free exchange as being cooperation without compulsion accepting that this is impossible to achieve in reality, but arguing that a capitalist system seeks to embody this essential character.
Perhaps the most significant point Freidman makes in this lecture is that mutual free exchange is beneficial in the broadest social sense and not just in a narrow economic sense. He uses the example of language as the ultimate demonstration of the complexity of mutually beneficial systems that come about as a result of free exchange.
No language he argues was ever centrally planned by a government department. What people most object to about free markets is that it gives people what they value the most and not what the objectors think people should value.
Fundamentally Friedman makes the point that although it certainly can be hard to do good in a free market system because you need to persuade people. Most importantly it is also hard to do harm.
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