Democracy vs. Markets & Cooperation vs. Coercion in a Free Society

From:
http://cafehayek.com/2013/02/quotation-of-the-day-550.html

"In fact, of course, the alternative to governance by democratic majorities is not limited to subjection to the dictates of a nondemocratic tyrant such as a Chairman Mao. Another alternative is individual governance: each of us living our lives as we each choose, governed – through the laws of property, contract, and tort – in our dealings with strangers by the economic 'law' in such a free society that requires each person who wishes to improve his or her lot in life to assist others, through markets, in their efforts to improve their lots in life."