Corruption is government intrusion into market efficiencies in the form of regulations.
About this quote
- What does it mean?
- Friedman defines corruption as government regulations that interfere with market efficiencies.
- In plain terms
- Corruption is when rules get in the way of the market working well.
- What can you take from it?
- Government interference in markets can be seen as corruption.
Where it applies
Putting it to work
Questions to consider
- Is all regulation corruption?
- How do we define corruption?
Another view
Regulations often aim to correct market failures, not corrupt them.
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