Who Wants Markets to Be Free, Really?
The term “free markets” is, I believe, perhaps the most misunderstood and misused term in all of politics. The problem is that each “side” in the economic argument – left, right, and libertarian – has grabbed a chunk of the meaning for themselves and has slathered on a good helping of additional meaning that suits their political purposes. So when something like our current economic situation comes up, the term ends up in a three-way tug of war that never really resolves the meaning into something the average American can understand.
This essay at Cato Unbound goes a long way toward trimming the tacked-on meaning from the actual meaning. It’s long, but worth reading, especially if you want to clarify your thinking about what a “free market” really is and how we can get back to one in this country. Here’s the opening:
Defenders of the free market are often accused of being apologists for big business and shills for the corporate elite. Is this a fair charge?
No and yes. Emphatically no—because corporate power and the free market are actually antithetical; genuine competition is big business’s worst nightmare. But also, in all too many cases, yes —because although liberty and plutocracy cannot coexist, simultaneous advocacy of both is all too possible.
In short, while big business hates the competition free markets bring, those who would limit government intervention too often stump for less direct government intervention while pushing for equally-dangerous indirect government intervention.
Read the whole thing.
(via Jonah Goldberg)
Other Posts of Interest:
- Moral Hazard: Not Just for CEOs
- “It’s the difference between coercion and free association and trade.”
- Yet More on the Mortgage Mess, Including What Must Happen
Category: The Economy and Your Money
Why would a government want a free market? The government wants that control so that they can get as much money as possible off of taxes from when they hike up the prices of goods and services. Of course, much of my understanding of a free market comes from Wikipedia, which means that definition could very well be just as biased as the others you speak of.
Government and big business don't exactly stand opposed to each other when it comes to a free market. In fact, they often work together. Big business doesn't want the competition and government wants the control.
I think a free market would benefit the government more than having more control. Its would be more profitable for them since they would not be spending too much money on taking care of us through pubblic services. In a free market the government sits back and collect more taxes and do less work.