Sunday, December 15, 2019

On The Limitations Of Free Market System

A free market system might 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, since no one knows what purposes are moral. The free markets might solve a few economic problems, but in the process they generally give birth to several intractable political and cultural problems.

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