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The great virtue of free enterprise is that it forces existing businesses to meet the test of the market continuously, to produce products that meet consumer demands at lowest cost, or else be driven from the market. it is a profit-and-loss system. naturally, existing businesses generally prefer to keep out competitors in other ways. that is why the business community, despite its rhetoric, has so often been a major enemy of truly free enterprise.
-Milton Friedman
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The Great Virtue Of Free Enterprise Is

Milton Friedman
The great virtue of free enterprise is that it forces existing businesses to meet the test of the market continuously, to produce products that meet consumer demands at lowest cost, or else be driven from the market. it is a profit-and-loss system. naturally, existing businesses generally prefer to keep out competitors in other ways. that is why the business community, despite its rhetoric, has so often been a major enemy of truly free enterprise.
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I'm even stunned at some of the majors you can get in college these days. like you can major in the mating habits of the australian rabbit bat, major in leisure studies... okay, get a journalism major. okay, education major, journalism major. right. philosophy major, right. archeology major. i don't know, whatever it is. major in ballroom dance, of course. it doesn't replace work. how about a major in film studies? how about a major in black studies? how about a major in women studies? how about a major in home ec? oops, sorry! no such thing.
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The [liberals] consider profits as objectionable. the very existence of profits is in their eyes a proof that wage rates could be raised without harm to anybody. they speak of profit without dealing with loss. profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities. a profitable enterprise tends to expand; an unprofitable one tends to shrink. the elimination of profit renders production rigid and abolishes the consumer's control.
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