Friedman stated, "Walter Eucken, a noted German liberal, observing public monopoly in German railroads, found the results so distasteful that he concluded public regulation would be a lesser evil. Having learned from both, I reluctantly conclude that, if tolerable, private monopoly may be the least of the evils" (p. 28).

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 1186