Tuesday, December 30, 2008

Hasty Year-End Obituaries for Free Market Capitalism

Don't bury the market just yet. Read Caroline Baum's Bloomberg Op-Ed, "Capitalism Is Worst System Except for the Rest."
Alas, government isn't some benevolent matriarch acting in the public interest, even if it knew what that was. It is a conglomeration of politicians acting in their own self-interest, guided by payoffs from special-interest groups. That's a poor substitute for the market's price signals, not to mention a guarantee of inefficiency and waste.

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