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.
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