Audio Clips

21 August 2012

Sheldon Richman: Where Free-Market Economists Go Wrong

Where Free-Market Economists Go Wrong

Sheldon Richman is one of my favorite thinkers.  I've been reading him in such places as The FreemanReason and The Future of Freedom Foundation.  This is a great article on the response that free-market defenders should have when people blame the free market for our problems:

"What free market? (With all the subsidies and regulations on the books, can there possibly be a free market?)...What we have—and have had for a long time—is corporatism, an interventionist system shot through with government-granted privileges mostly for the well-connected–who tend to be rich businesspeople. This system is maintained in a variety of ways: through taxes, subsidies, cartelizing regulations, intellectual “property” protections, trade restrictions, government-bank collusion, the military-industrial complex, land close-offs, zoning, building codes, restrictions on workers, and more. As a result, people can get rich at the expense of the government’s victims. Even some who have prospered apparently by market means have actually done so through government intervention, such as transportation subsidies and eminent domain.?

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