Steven Pinker on free markets

“We know that markets make countries freer, richer, and happier compared to totalitarian central planning, but we also know that the habit among both the hard left and hard right to equate capitalism with anarcho-capitalism (no regulation, no social spending) is wrong. You can be in favor of free markets with regulations, just as you can be in favor of free societies with criminal laws. Even the freest of free marketeers has to acknowledge that markets don’t provide a decent living to those with nothing to offer in exchange, such as the young, old, sick, and unlucky, and they also have to acknowledge that markets alone fail to protect public goods that no one owns, such as the atmosphere. Not surprisingly, all wealthy capitalist countries have extensive social spending and regulation. And as a Canadian I can confirm that free-market societies with greater social spending and regulation than the United States are not grim dystopias sliding down a slippery slope to Venezuela, but are rather pleasant places to live, with greater happiness and longevity, and less violent crime, abortion, sexually transmitted diseases, and educational mediocrity.” – Steven Pinker, The Weekly Standard, 15 February 2018.

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