So to an Austrian, a free market is the same as an anarchist market, no rules whatsoever?
( Please be advised it has been a long time since I read Rothbard)
Though I am not a libertarian; Rothbard, a Austrian Economist who was very very libertarian espoused something like the following. The rules of the market are self enforced. If you lie cheat or steal no one will do business with you unless you put your product or money upfront. No good reputation -no business.
Libertarianism aside, rules of the game for the market are not complex or need to be socialistic. Enforce legal contracts : Penalize those who lie, cheat or steal and no one is to be externally harmed by their enforcement.
Respect the contract no matter what the size or power of the participants. Have a judicial system that enforces contracts and rights in the contract and not one that creates them.
The more intervention you allow, the more you need. The result is a Fettered “Market” no longer free no longer a market. Interference breeds interference.
Hayek is best on this, see a chapter in his Road To Serfdom, titled Why the Worst get On Top. The failure of intervention can also be explained by another book by Hayek, The Constitution Of Liberty. Here and in other books he argues that all knowledge like that exists in the Market can not be known and controlled by the few.
Interventionists argue that with computers and more perfect knowledge, intervention and control will work and work well.
Arrogance is bred by this belief.
Look at the crisis’ that exist today in the financial sector.
They thought they had obviated risk and overcome the laws of the “Market” with derivates and other “financial instruments”.
They not the “Market” failed.
We were at the end of History, we had the cure for recessions and that dreaded Depression. We put a man on the moon. Solving the Market was easy. Pass a few laws, add more when needed.
Eliminate risk by spreading it so far that none knew the risk of the paper they held and when all else fails change the rules and or bail them out.
Socialism will not allow failure to proceed.
It does not accept it for ideological or just political reasons.
Thus Marx is made to look right.
capitalism (yes a small c) has an inherent flaw. It will fail. Only socialism (interventionism) will work. A New World Order will result. And we all will be free of the fetters of the market.
Only later will we note how we are poorer for it.
Taponline
Why are you trolling like this? You either know this is false, or you should know, or you are too ignorant to have an intelligent opinion on the matter, which leads to the question again of why you persist in trolling on this stuff.
Again, do you work for the fed?