The Moral and Economic Case for Free Markets. Art Carden and Keith Knight

by | Mar 21, 2021

“… there are two and only two ways of attaining wealth in society: (a) by production and voluntary exchange with others — the method of the free market; and (b) by violent expropriation of the wealth produced by others. The latter is the method of violence and theft. The former benefits all parties involved; the latter parasitically benefits the looting group or class at the expense of the looted.”


Murray N. Rothbard 

Ethics of Liberty, pp. 166–67

Art Carden is a professor of economics at the Brock School of Business at Samford University.

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0:00 – Quote

1:07 – Why some countries are wealthy and others are impoverished, “The Great Enrichment”

4:18 – Do free markets breed exploitation of the weak by the strong? 

6:16 – How to measure wealth or standard of living?

7:50 – Free markets = materialism

10:13 – The innovation double standard 

12:32 – “Freedom means not caring about the long term results of your actions”

16:00 – “Slavery and colonialism caused the west to grow rich”

20:32 – Who protects the workers?

22:32 – Who protects the consumer?

26:38 – The moral difference between the state and the free market 

29:51 – Criticisms of the free market THAT ARE UNIQUE to the free market

32:12 – Best lessons from Adam Smith





About Keith Knight

Keith Knight is Managing Editor at the Libertarian Institute, host of the Don't Tread on Anyone podcast and editor of The Voluntaryist Handbook: A Collection of Essays, Excerpts, and Quotes.

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