Sunday, December 15, 2019

On The Limitations Of Free Market System

A free market system can facilitate the rise of large business houses and make it easier for the people to find better employment and procure goods and services at competitive prices, but it cannot make us more wise, rational, peaceful, or civilized. A nation with a free market system can be as unreasonable and nihilistic as a nation with backward economy. No power can coerce the big business houses which thrive under a free market system to use their economic power for moral purposes. The problem is that no one knows what purposes are moral. The free markets will solve a few economic problems, but they may give birth to a range of political and cultural problems which may prove intractable. To ensure that the free markets operate within the framework of a nation’s culture a healthy political system is necessary.

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