Our elementary and secondary educational system needs to be radically restructured. Such a reconstruction can be achieved only by privatizing a major segment of the educational system – i.e., by enabling a private, for‐profit industry to develop that will provide a wide variety of learning opportunities and offer effective competition to public schools. The most feasible way to bring about such a transfer from government to private enterprise is to enact in each state a voucher system that enables parents to choose freely the schools their children attend. The voucher must be universal, available to all parents, and large enough to cover the costs of a high‐quality education. No conditions should be attached to vouchers that interfere with the freedom of private enterprises to experiment, to explore, and to innovate.