स्पर्शकला

स्पर्शकला

’पुरुष उवाच’ च्या दिवाळी २०१२ अंकामध्ये

Free Markets

Free Markets

In modern economics markets are supposed to be running purely by market forces of demand and supply. But in recent years we have often seen governments intervening into markets, for various reasons. Every such time there are many people who feel concerned with interference in free market. Let us see that this ‘free markets’ means.

Market is a noun applied to the collective of actions of and pertaining to buying and selling, and results thereof. Actions are done by people. So the rules and regulations applicable to people should appear to be applicable to their actions. But market has got identity of its own and its freedom is looked by many as absolute.

In historical times individual was grossly dependent on society. His life was defined by social norms and rules. There were additional constraints by bullies, and by Popes and kings. Advent of industrialization fundamentally changed this picture. Power and marvel of technology created possibilities to enable individuals to free themselves from existing social chains. Powers of kingdoms, religions, cultures started weaning. Devoid of anything powerful enough to challenge, individual freedom became an entity in itself. Freedom of individual became an absolute idea, superior to anything else. Economics conveniently piggy backed itself on this idea of freedom. Anything that increased trade was termed as freedom. These people readily accept constraints on individual liberty, but staunchly oppose anything that is even remotely looking to constrain market behaviour. Market promoting actions are isolated from consequences and are, by default, seen as free actions. Buying a gun is a fundamental right as it promotes trade. But what happens of fundamental right to live of people who are killed by those free guns?  In practice, no action can be excluded from its consequences, no action can be viewed exclusive individual(s) who execute that action.

Whether it be markets or freedom or anything else, it must be considered in relation to others, in relation to past and future, in relation to intent and consequences.