Friday, January 13, 2012

Something to Ponder: What exactly of "free" about a free market?

I'll try to formulate a question around this theme at some point, probably for 2301 in terms of ideology. Freedom - and liberty in general - is an ongoing value in the American mindset, but its a slippery term and can mean different things to different people. This can impact how the term is used in elections.

The internal debate among Republican candidates about whether Romney's activities with Bain Capital is a case in point. Are his actions then beyond reproach now because what he did is work within the free market (or free enterprise) or are the consequence of those decisions - closed businesses, fired workers, raided pensions, etc . . - fair game?

What does it mean for a market to be free? Does it mean that business people can do whatever they want - freedom only applies to them? - or should rules be established and applied in order to ensure that the freedom of everyone is protected?

Most of the words we use to describe values get slippery after awhile. I want to dig into this at some point.