So we have a choice. There is no country or jurisdiction that has a complete free market system. So the problem therefore is how much of a role does government have in a free market capitalistic system.
Critiques of government is that the regulations, trade barriers and labor laws do nothing more than distort the market. Criticism of true free markets is that wealth becomes concentrated to the few in society and fraud goes unchecked.
Our laws allow the markets to work. Entrepreneurs can open new businesses, they can expand that business and they can create jobs. They protect your ideas and they protect your land. Government helps create the opportunity for competition and creativity that would not happen if we solely relied on supply and demand.
Our government has aspects of socialism and communism in it. You can see it through government run prisons, the health provisions for the elderly and veterans and the military. Do we maximize, minimize or find a workable balance of government's role in our market economy?
Charles M. Reeder
Submitted by Virtual Newsroom