This is the sixth installment in my intermittent series of articles that answer the question ‘what is a liberal?’ The previous five articles are these:
What is a liberal? They hide from reality
What is a liberal? They’ll say anything
What is a liberal? They like diversity, sometimes
What is a liberal? They like to talk about greed, but want your money
What is a liberal? They believe in government
Free markets take different forms. This article focuses on free markets in economics, and free markets in politics and ideas.
Economics
Free market economic systems feature the laissez-faire principle, which prefers that only market forces set prices and wages, excluding non-market forces like taxes, subsidies, tariffs, regulations (other than protection from coercion and theft), or government-granted or coercive monopolies. Conservatives like free markets. Critics on the left argue that free economic markets are too susceptible to monopolies, economic inequality, market failures like bubbles and crashes, and externalities like environmental pollution.
There’s something else the liberals don’t like about free markets, and it’s usually unspoken. Who wins in a free market? Free markets are Darwinian, and liberals don’t like that. In a free market, the nice guys don’t always win. That’s a problem. Liberals want their favorites to win.
Politics and ideas
Democracy is a free market in politics. Whoever gets the most votes, wins. One danger with democracies is tyranny by the majority, or mob rule. Fear of mob rule is why the US constitution established a republican form of government, featuring separation of powers, and freedom of speech and press. For background, see The Federalist No. 10. Separation of powers prevents the majority from gaining too much power. Freedom of speech and press ensure that ideas and views unpopular with the majority can be heard, and influence the political process.
Liberals are conflicted about free speech and a free press. It’s a good thing when the right people are talking, and when they’re saying the right things, not so good otherwise. Which is why there’s so much upset about Fox News, and why we have episodes like Sen Dick Durbin’s (D – IL) attack on the American Legislative Exchange Council. Clearly, from Sen. Durbin’s point of view there is danger when businesses organize and start contacting legislators; and clearly, liberals loathe the idea of a differently-minded news source winning the ratings war against MSNBC and CNN.
Note that the cry to limit private spending on political campaigns comes from the left, at the same time that the left constantly pushes for bigger government.
The key is how the winners are determined. Are the winners actual ‘winners’, or are they chosen? If you control the economy, and if you control the flow of ideas, you can pick the winners. Liberals are smarter and better than the rest of us, and they know who the virtuous and deserving are. Liberals want to pick the winners.
Bottom line
Liberals don’t like free markets because in open competition their ‘good guys’ don’t always win.