antagon
The Man
- Dec 6, 2009
- 3,572
- 295
- 48
Market principles are central to the form and function of capitalism itself. Free market principles remind that heavy-handed public or private manipulation of markets can destroy the efficiency of the capitalist economy, and corrupt the delicate flow of supply, demand, price and purchasing power.
Its when free market theorists claim that freedom in a market is the most crucial component of its function, that I feel the concept falls short of delivering. Looking at the world's most efficient markets -- those which make the best utilization of factors available to them, and which return the most to the human participants involved -- history makes an argument contrary to laissez-faire theory. These markets are heavily regulated. They are taxed with the intent to support infrastructure crucial to the market, but go one further to employ taxation as a mechanism to circulate purchasing power throughout the market.
Of course the free marketeers object to these very characteristics, but what is their presumption based on, but some books from 18th and 19th century economists?
Its when free market theorists claim that freedom in a market is the most crucial component of its function, that I feel the concept falls short of delivering. Looking at the world's most efficient markets -- those which make the best utilization of factors available to them, and which return the most to the human participants involved -- history makes an argument contrary to laissez-faire theory. These markets are heavily regulated. They are taxed with the intent to support infrastructure crucial to the market, but go one further to employ taxation as a mechanism to circulate purchasing power throughout the market.
Of course the free marketeers object to these very characteristics, but what is their presumption based on, but some books from 18th and 19th century economists?