The point is that the free market, which I think amounts to one of the Permanent Things, cannot be fooled or tooled. As Malcolm Muggeridge said, God is not mocked. I make the point again in my article today, when I say that the housing market reacted to the signals of government in ways that government approved of, until the market showed them the end result. So we should defend the free market not because it always delivers perfect results. It won't, not unless we have perfect people. Instead, we must defend it because it delivers information far better than a Philosopher King, a Politburo, or a Regulator. [...]
In other words, if we value property rights, the free market is an essential consequence. And that is why market socialism never works, because it devalues property rights. Liberty demands property rights which demand free markets. We only interfere with that chain in defiance of history.
Wednesday, November 12, 2008
Free Markets [Iain Murray]