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China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.
Milton Friedman
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Milton Friedman
Age: 94 †
Born: 1912
Born: July 31
Died: 2006
Died: November 16
Economist
Essayist
Statistician
University Teacher
Writer
Brooklyn
New York
Milton Fridman
Upon
Productive
Exported
Country
Draws
Substantial
Great
East
Reserves
Needs
China
Asian
Much
Countries
Volume
Trade
Finance
Amount
Larger
System
Extent
More quotes by Milton Friedman
The invisible hand in politics operates in the opposite direction to the invisible hand in the market.
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Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion - the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals - the technique of the marketplace.
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And where are you going to get these angels who are going to run society for us?
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The heart of the liberal philosophy is a belief in the dignity of the individual, in his freedom to make the most of his capacities and opportunities according to his own lights.
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Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest.
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Statistics do not speak for themselves.
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Anybody who was easily converted was not worth converting.
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The great advances of civilization, whether in architecture or painting, in science or literature, in industry or agriculture, have never come from centralized government.
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In a bureaucratic system, useless work drives out useful work.
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Only a crisis—actual or perceived—produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.
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The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
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The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.
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Government is a way by which every individual believes he can live at the expense of everybody else.
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A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
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In a free society, it is hard for 'good' people to do 'good', but that is a small price to pay for making it hard for 'evil' people to do 'evil', especially since one man's good is another's evil
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A society that puts equality — in the sense of equality of outcome — ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests.
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World trade depends on differences among countries, not similarities. Different countries are in different stages of development. It is appropriate for them to have different patterns, different policies for ecology, labor standards, and so forth.
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Whenever we depart from voluntary cooperation and try to do good by using force, the bad moral value of force triumphs over good intentions.
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Only a crisis, actual or perceived, produces real change.
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To the free man, the country is the collection of individuals who compose it, not something over and above them. He is proud of a common heritage and loyal to common traditions. But he regards government as a means, an instrumentality, neither a grantor of favors and gifts, nor a master or god to be blindly worshipped and served.
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