Welcome to the Shadow Economy in which I will be a major participant: Nobel Prize-winning economist Milton Friedman once commented, “The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.” Friedman criticized government intervention, price-controls, and occupational licensure. Such government involvement in the market is what creates the black market in the first place. In some ways, the black market is the free market. Understanding this principle helps us to put into focus the proper role of government as discussed by philosopher Ayn Rand. Governments around the world that want to prosper should take heed.
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