23 Things: There is No Such Thing as a Free Market

GODS & RADICALS

"Door Number One" by George Hodan. Public domain image courtesy Publicdomainpictures.net “Door Number One” by George Hodan. Public domain image courtesy Publicdomainpictures.net

23 Things is a series that examines and explores the theories presented in Oxford-trained economist Ha-Joon Chang’s 23 Things They Don’t Tell You About Capitalism.  I will examine each of his 23 Things by taking some of the material from his book, and breaking it down through the application of my own lens.  For more information, I recommend his excellent book!

What They Tell You:  Markets need to be free.  When the government interferes to dictate what market participants can or cannot do, resources cannot flow to their most efficient use.  If people cannot do the things that they find most profitable, they lose the incentive to invest and innovate.”

As Chang points out, no market is actually a free market.  There are always regulations and rules that change the market considerably, and we just unconditionally accept a lot of the…

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