Perhaps not, but a state is involved in every market economy on the planet, that I’m aware of. There is no stateless, laissez-faire, completely free market economy anywhere in the world, again, to my knowledge. If you know of one, please enlighten me. Frankly, I don’t see how a market economy can exist without a state, to enforce private property rights, issue and maintain a currency, provide public infrastructure, and prevent the establishment of large monopolies.
Unregulated markets tend toward monopoly. We saw that in the 19th century, during the gilded age when a few robber barrons took near total control of several, entire key industries, like steel production and the railroads. The gilded age was also a time of massive inequality and major economic crises. The state had to step in and break up the monopolies, and enact laws to prevent new monopolies from forming.
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The alternative being to trust that a private corporation has your best interest in mind? At least the government can get voted out.
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Thus the inclusion of checks and balances to temper corruption.
Perhaps not, but a state is involved in every market economy on the planet, that I’m aware of. There is no stateless, laissez-faire, completely free market economy anywhere in the world, again, to my knowledge. If you know of one, please enlighten me. Frankly, I don’t see how a market economy can exist without a state, to enforce private property rights, issue and maintain a currency, provide public infrastructure, and prevent the establishment of large monopolies.
Unregulated markets tend toward monopoly. We saw that in the 19th century, during the gilded age when a few robber barrons took near total control of several, entire key industries, like steel production and the railroads. The gilded age was also a time of massive inequality and major economic crises. The state had to step in and break up the monopolies, and enact laws to prevent new monopolies from forming.