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 and host of the Don't Tread on Anyone podcast.

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