As an illustration of the intellectual atmosphere in Washington at the time he served, Willis reported that when the first copy of the Bulletin was presented to the Secretary of the Treasury, the esteemed Secretary replied, “This Government ain't going into the newspaper business.” Like Parker Willis, I was a professor myself before coming to the Federal Reserve Board.
It also presupposes the means to protect that freedom, such as the protection of property rights and the enforcement of contracts. For there to be a single market, there must be a legislative body that establishes the rules and a judiciary that can enforce them. If there is a legislative and a judiciary, there has to be an executive arm to implement their decisions.