(2007-02-05) Markets Vs Corporatism

Bob Frankston wrote in a group One lesson from my foray into Adam Smith channeled by PJ ORourke was the degree to which Smith didn't trust the marketplace (Free Market). He recognized its value as a mechanism but not without recognize how easily it could go awry due to, what I call, failures to composite self-interest and a simple tendency for systems to go into extreme states in the absence of countervailing forces or in the absence of the intelligent designer. But neither party wants a real marketplace - they want Corporatism. A modern dogma like the Mercantilism that Smith was arguing against.