Friday, December 12, 2008

Do Markets Corrupt?

Not when compared with the alternatives (ASI). There's been a great deal of hand wringing lately - particularly in light of the spectacular collapses of any number of formerly seemingly great financial institutions but there's a bit of a problem with this thesis - the root cause of this "market failure" (Cato) was created by bad government policies. Capitalism is getting a bum rap and it's a bit irritating. Even in the Wall Street Journal - the top headline today is "Blaogojevich Thrived by Capitalizing on Connections", a none-too-subtle jab at crony capitalism and political corruption which is hardly natural outcome of real capitalism that's brought billions out of starvation and poverty. Enough ranting for now, there's real work to be done to make the world a bit more efficient :).

Update (08.12.13): A far more comprehensive look at the John Templeton sponsored Conversation.

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