I'm of the opinion that there's a certain mindset amongst our young people: anything taboo is worth getting! It seems the more something is made off-limits (i.e. alcohol-Prohibition, drugs-post 1960's, etc.), the more people clamor for it and go to great lengths to get it. If cocaine was legalized, there would no longer be quite the "I've-got-to-have-it-because-it's-illegal" attitude. But, this would only work with some. I think there's always going to be users no matter what!
Personally I think cocaine is a bad thing, but then I've never done drugs (nor wanted to). It messes things up, physically and morally. It causes people to do things they wouldn't ordinarily do, ruins marriages, bankrupts people, and leads to sin and crime. Parents hate it; schools hate it; employers hate it; law enforcement hates it; most governments hate it! The few that benefit from it are people or governments already engaged in crime anyway.
Legalization, to me, is free and uninhibited access to something. But, could you really do that with a strong drug like cocaine? You can't make it available over-the-counter because it has such harmful, potentially lethal consequences. I think it should have some restrictions, perhaps for medicinal use only and only in the direst of circumstances (like medical marijuana). It should be available by prescription only and only when under a doctor's care. But, there's always going to be someone who's going to get it on the black market, or who's going to "buy off" a doctor to get it for them.
Perhaps another solution would be to make it sell so cheaply that it would no longer be a lucrative business to engage in. I just don't know what the solution is!