When Friedman prefers laissez-faire, he often openly acknowledges its defects. He has no quasi-religious need to defend the impeccability of the free market. For example, his discussion of natural monopoly states: [T]here are only three alternatives that seem available: private monopoly, public monopoly, or public regulation. All three are bad so we must choose among evils. . . . I reluctantly conclude that, if tolerable, private monopoly may be the least of the evils.
