Heyer Capital, LLC

investment management and timely advice from a local CPA (Fox Valley, Wisc.)

What is the free market?

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Here’s the best summary I could steal and call my own: 


Brian Saint-Paul: The popular media is blaming the economic collapse on the free market and “laissez-faire capitalism.” And yet these same commentators seem largely ignorant of what a laissez-faire economy actually involves. So first things first: What is free market capitalism?


Thomas Woods Jr.: Well, it’s not nearly as scary as people think it is. Free market capitalism simply involves the free exchange of property between individuals. The idea is that you’re free to enter into contracts with other people. These contracts are reached on a voluntary basis; both parties must consent to the terms. The system proceeds along the lines of mutual respect. In other words, the free market is civilized behavior, institutionalized: You can’t initiate physical force against somebody else to make him do something — you have to get his consent. It’s a system based on private property and free exchange. And that’s really it.


Order the book Meltdown by Dr. Tom Woods through this link.

Written by heyercapital

March 12, 2009 at 7:09 am

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