Free Market Regulation
Darian Worden on how the market regulates business and how this type of regulation is reduced when government regulation is expanded.
The only thing I would have to add (cuz I’m a picky bastard) is to Long’s discussion of deregulation. There is regulation by government, and there is regulation by the market. The former operates through coercion and political favoritism. The latter operates through competition, true consequences, free unions, and independent product testing. The former can only be increased at the expense of the latter. Thus when government regulations are increased, free market regulation necessarily suffers, and it is in this way only that “deregulation” can be blamed for economic troubles. When libertarians say that we are in favor of deregulation, we run the risk of appearing to want businesses to get away with anything, when we are actually presenting the best possible restraint on business: the power of the market.
Worden is responding to this quote from Roderick Long on deregulation, which is also interesting.
In a free market, firms would be smaller and less hierarchical, more local and more numerous (and many would probably be employee-owned); prices would be lower and wages higher; and corporate power would be in shambles. Small wonder that big business, despite often paying lip service to free market ideals, tends to systematically oppose them in practice.
So where does this idea come from that advocates of free-market libertarianism must be carrying water for big business interests?