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Free market fundamentalists often attribute prosperity to free market principles, but have they visited developing countries? I would say free markets are more pervasive in the third world than they are in the US and other western nations. Any merchant could set up shop without a license. Children are seen on the street peddling fruits. Child labor isn't frowned upon. Many of the red tape we find as a violation to free market principles in this country are non existent in the third world, so how does a free market alone lead to productivity and prosperity?
The free market is the equivalent to theoretical physics in a frictionless vacuum. Free market hypotheticals (about efficiency, choice, etc...) only exist as hypotheticals because they conflict with actual human behavior, actual human needs, and history. And yes, with much smaller governments as a percentage of much smaller economies (on a per capita basis), of course many of those markets are freer.
In the absence of regulators, you will have monopolists, mobsters, cartels, unscrupulous vendors, etc... ad infinitum. The free market is also pretty poor at creating baseline services and infrastructure (high initial cost, long time horizon), which is why the Communist countries - while terrible on human rights and deserving of scorn in a non-economic sense - grew very fast from extreme poverty to industrial competitiveness. There may be a role for the market in society, but it must be fettered.
I find it funny that people complain about government and regulations when in reality it is the glue that holds our country together. Criminal code, building code, taxes, and everything we all do together that makes our republic great.
Free market fundamentalists often attribute prosperity to free market principles, but have they visited developing countries? I would say free markets are more pervasive in the third world than they are in the US and other western nations. Any merchant could set up shop without a license. Children are seen on the street peddling fruits. Child labor isn't frowned upon. Many of the red tape we find as a violation to free market principles in this country are non existent in the third world, so how does a free market alone lead to productivity and prosperity?
there are many other factors involved. some are more significant than others. some you cant talk about in public.
is democracy going to change things in the middle east? you cant just apply your wonderful principles on other people and expect the same result.
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