27 May 2010
Distinctions with a Difference
"Capitalism" and the "free market" has come in for a lot of criticism recently. Thomas Frank in the WSJ, for example, calls our recent economic problems "a cataclysmic series of market failures." But a proper prescription first requires a proper diagnosis; similarly, one should properly identify what capitalism and the free market are before undertaking to criticize them. Frank's analysis, as well as that of many others, indicates that there are some important distinctions to be drawn.