Winston Churchill: Create a Black Market
on Tuesday, December 4, 2018Winston Churchill Money Quote saying when it becomes impossible to sell openly, it will be driven underground, but still made available to those who wish to buy. Winston Churchill said:
“If you destroy a free market you create a black market” — Winston Churchill
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Winston Churchill seems to be warning that heavily restricting or eliminating a legitimate free market system will often lead to the rise of an illicit black market instead.
His view appears to be that when governments over-regulate commercial activity or ban certain goods and services, an underground market outside the control of laws and taxation will develop to meet the continued demand.
Churchill’s quote suggests that rather than stamping out private commerce, overly prohibitive policies may drive it underground and create unintended harmful consequences.
Overall, he seems to be advocating for open free markets as the best way to satisfy economic needs within a regulated legal framework.