Murdoch on markets

writes in the Daily Telegraph:

And, here is something else we are not hearing about: we must argue the morality of and the immorality of markets that are not free.

The cold, commercial word “market” disguises its human character – a market is a collection of our aspirations, exertions, choices and desires. Typically, those of us who believe in free markets make our arguments by extolling the market’s economic superiority.

But I believe we need to do something very different from what we are used to.

We need to defend the market on precisely the grounds that its critics attack it: on justice and fairness. Yes, the morality of free markets.

To the contrary, too many people think that the market succeeds because it is based on a vice: greed. And that socialism is better because it is based on a virtue: sharing.

As Murdoch says, a market is simply letting individuals make their own choices and decisions to meet their aspirations and desires.

The market succeeds because it gives people incentives to put their own wants and needs aside to address the wants and needs of others. To succeed, you have to produce something that other people are willing to pay for.


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