The Normative Defense of Free Market Capitalism: Did the Free Market Cause the Financial Fiasco?
The Normative Defense of Free Market Capitalism: Did the Free Market Cause the Financial Fiasco?

Author(s): Tibor R. Machan
Subject(s): Economy, Law, Constitution, Jurisprudence, Human Rights and Humanitarian Law, Political Philosophy, Political Theory, Government/Political systems, Political economy, Financial Markets, Business Ethics
Published by: Addleton Academic Publishers
Keywords: free market; normative defense; Capitalism; financial fiasco; economy; market system; market fundamentalism; morality; classical Individualism; natural rights;
Summary/Abstract: Machan’s book advances an indispensable normative case for the free market system of economy. He addresses the different approaches taken to showing the superiority of the system to others and also discusses the charge that the recent financial fiasco was caused by “market fundamentalism,” as the likes of Paul Krugman keep claiming. This is a vital entry into the on-going debate about whether the economic system based on the principles of freedom of economic conduct, free exchange, private property rights, etc., is better than one regimented from the top, either by some czar or a democratic assembly. Anyone who is concerned with both the productivity and decency of an economic system needs to address Machan’s arguments.

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