So the objective failure of free markets to deliver widespread wealth can only be answered by even freer markets.
For it\’s not this one, is it?
Even the most casual of looks around the world will show that markets have done exactly that, delivered widespread wealth. North Korea, without them, is impoverished. China, when it used not to have them was similarly impoverished. It has had some modicum of markets for 35 years now and is undergoing the largest and greatest production of wealth ever recorded in our species. The Soviets managed to keep economic growth down to a minimum by banning markets.
We here in the \”west\” those places that have had markets for a century or more, are as rich as any human being has ever been. We\’ve achieved what no other economic system has ever managed: three squares, a change of clothes and a roof for all.
What is the fucking \”failure of free markets to deliver widespread wealth\” that Lawson is drivelling about?