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Cooperation Between Capital-Rich and Labor-Rich Countries, Part 1

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Part 1 | Part 2 Thank you very much, Mr. Ambassador, for that kind introduction. Ed Crane, Luis Pazos, all of the people who have made this event possible, it is a pleasure to be here. The atmosphere and the climate in which I am here are very different than they were the only other time I was in Mexico City, which was about 13 years ago. At that time, the people who were sponsoring my appearance here decided that I needed a 24-hour police guard, because I was at that time the object of a great deal of calumny, all because of what my colleague Al Harberger had done. He was the chief guide helping an extraordinarily able group of Chilean economists resolve their country's economic problems, but I got much of the blame. At any rate, it is in a very different spirit that I am here. I appreciate very much what the Ambassador said, but I am not ...

A Freedom Daily Classic Reprint: Medical Licensure

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The medical profession is one in which practice of the profession has for a long time been restricted to people with licenses. Offhand, the question, "Ought we to let incompetent physicians practice?" seems to admit of only a negative answer. But I want to urge that second thought may give pause. In the first place, licensure is the key to the control that the medical profession can exercise over the number of physicians. To understand why this is so requires some discussion of the structure of the medical profession. The American Medical Association is perhaps the strongest trade union in the United States. The essence of the power of a trade union is its power to restrict the number who may engage in a particular occupation. This restriction may be exercised indirectly by being able to enforce a wage rate higher than would otherwise prevail. If such a wage rate can be enforced, it will reduce the number of people ...

A Capitalist Looks at Free Trade

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Protectionists seeking relief from the rigors of foreign competition bring to mind Milton Friedman's dictum, "The great enemies of face enterprise are businessmen and intellectuals — businessmen because they want socialism for themselves and free enterprise for everyone else; intellectuals, because they want free enterprise for themselves and socialism for everyone else." I speak from personal experience. Baseball-glove leather was ...