The challenge now: redeeming effective and democratic government.
by Robert Kuttner
The stubborn appeal of the libertarian idea persists, despite
mountains of evidence that the free market is neither efficient, nor
fair, nor free from periodic catastrophe. In an Adam Smith world, the
interplay of supply and demand yields a price that signals producers
what to make and investors where to put their capital. The more that
government interferes with this sublime discipline, the more bureaucrats
deflect the market from its true path.
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