Nearly everyone complains about capitalism’s defects, or market failures. In fact, those are social failures, not specifically market failures, which show up when many rational individual actions create a social situation that displeases everyone. This means that government dirigisme — state direction or displacement of the market — cannot be a remedy because who do you think staffs the government and how do they get there? A big difference between the two systems — market and state — is that while the market diminishes social defects, the government magnifies them.
TGIF: A New Washington Post?
If Jeff Bezos is as good as his word, the advocates of full liberty will owe him a standing ovation. As everyone knows by now, Amazon.com founder Bezos, one of the greatest entrepreneurs of all time—a man whose profit-making activities have benefitted mankind...