A Quote by Mahathir Mohamad
It is not true at all that a free market will ensure a democracy. It doesn't. There must be a balance between a free market and some regulations which are essential in order to safeguard the interests of consumers and of people in general.
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The basic principles of democracy should be observed whatever the country - principles such as civil liberties, a free market, a free press, the priority of the individual over mythical state interests, a state which serves the interests of ordinary people and defends their rights and interests. This is all easy to say but hard to make reality.
The capitalistic social order, therefore, is an economic democracy in the strictest sense of the word. In the last analysis, all decisions are dependent on the will of the people as consumers. Thus, whenever there is a conflict between the consumers' views and those of the business managers, market pressures assure that the views of the consumers win out eventually.
We want a free market, but we know that the paradox of a 'free' market is that sometimes you have to intervene. You have to make sure it's not the law of the jungle but the laws of democracy that works.
The free market doesn't exist. Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them.
My father always said 'There's no free lunch.' My father was right. There's no free lunch and there's no free market. The market is rigged, the market is always rigged, and the rigging is in favour of the people who run the market. That's what the market is. It's a bent casino. The house always wins.
I had to abandon free market principles in order to save the free market system.
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 principles, that is, by fair play. The free market means willing exchange; it is impersonal justice in the economic sphere and excludes coercion, plunder, theft, protectionism, and other anti-free market ways by which goods and services change hands.
However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities - as was the case in the early postwar years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists.
This is the marketplace of political ideas. This is how America operates. It's a free market. It's free-wheeling. From the outside, it looks unpredictable. There's a circus-like free market.
Consumers fare best when the barriers to business entry are low, which helps ensure that the market - any market - becomes competitive and stays that way.
I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.
There's no limit to what free men and free women in a free market with free enterprise can accomplish when people are free to follow their dream.
When people criticize the free market, they are usually complaining about what happens when you intervene in the free market.
The crisis of modern democracy is a profound one. Free elections, a free press and an independent judiciary mean little when the free market has reduced them to commodities available on sale to the highest bidder.
As the consumer is the public general, without distinction of rank or fortune, the free market is the most obvious expression of the sovereignty of the people and the best guarantee of democracy.
There's a difference between a free market and free-for-all market.
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