The "Free" Market

I got into a spirited debate earlier with one of my two Libertarian friends about the "Free Market." According to my friend, the Free Market is great..."but only when properly regulated against force or fraud."

I found this funny on two counts:

1. The whole concept of the "Free" Market is that there are basically no regulations. That's the definition of a "Free" Market. According to conservatives, the reason the Free Market has failed is not because we didn't have enough protections against force or fraud but because we had too many protections (like minimum wage standards, etc). I think people are generally coming around to what this means. The Free Market was an interesting thought experiment on behalf of Milton Friedman and the Chicago School of Economics (with roots in Adam Smith's laissez faire philosophy), but ultimately, it was just that: an experiment. The Free Market does wonders for those at the top, but everyone else ends up clawing their way along. The rich get richer, the poor get poorer, and that's pretty much that. If you're not convinced by the current economic meltdown, take a hard look at Chile and Argentina in the 60s, 70s, and 80s. There's nothing "free" about the Free Market.

2. A little way into the conversation it occurred to me that I was having this debate with a Libertarian. Here I was theorizing about the potential merits of European-style government, and he ends his argument by pleading with me that my time is running out to buy gold, silver, food, water, other basic necessities, and weapons. (No kidding.) On a scarier note, I like to think that my Libertarian friends (crazy, gun nut, conspiracy theorists though they may be) are some of the more cognizant of the bunch. Just last week some nutjob open fired on a Bay Area freeway after what one can only assume were a few too many Glenn Beck episodes. (Not that he was necessarily a Libertarian, but I think we can safely rule out his having received too many Socialist entitlements.)

Anyway, on yet another note, I should probably point out that my Libertarian friends both live in San Francisco in 12- to 15-year rent-controlled apartments. As much as I really do respect their personal autonomy and amazing ability to thrive outside of Corporate America (Bravo, gentlemen!), I seriously doubt that a freelance artist and the owner of a bike messenger company would be living quite so well (or buying quite so many guns) if they paid market rates on their apartments. Their success--at least partially--is no doubt due to San Francisco's glorious embracing of "evil" Socialist concepts.