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We were promised that... markets would provide solutions. A lot of my book is a defense of markets. The Supreme Court says a market is where independent parties, neither under duress or coercion, and with knowledge of the facts, come to an agreement on a price. That's not what a lot of our new markets do. We now have markets designed to thwart competition... Adam Smith's invisible hand of the market, in which there are lots of sellers, and smart consumers who can compare prices, and this drives prices down... to the lowest level at which businesses can continue to operate. We've replaced that, through government policies, with practices that artificially restrict competition... raise prices... inflate profits; all under the guise of conservatism, and "the markets will solve our problems. (en) |
