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• W317063322 abstract "The major concepts that underlie the ideology which is so compelling in the world today are embraced by many proponents of the market economy as a closed philosophic system. When each concept is examined critically, however, it becomes apparent that it contains only an important part-truth. One of the central concepts is fallacious altogether. If a market economy is best to be adapted to future economic conditions, which are bound to involve much downsizing and economic displacement, the theory of the market needs to placed on a much sounder footing. Key Words: Free trade, economic concepts, the act of exchange, wages and productivity, optimum allocation of resources, property rights, consumer sovereignty, Henry George, Friedrich List, comparative advantage, purchasing power, protectionist theory, protectionism. It is possible to be fundamentally friendly, as this author is, toward the classical liberal theory of an individualistic free society and yet to see that many of its thinkers make the philosophy intellectually insufficient when they formulate it as a closed ideological system. This insularity, which has long cut free-market concepts off from critical self-examination, is especially descriptive of the currently popular laissez-faire global free-trade position. Several of classical liberalism's core ideas involve subtleties that classical liberals, long forced on the defensive by the world Left, have not explored. Those subtleties show that the ideas are neither as correct nor as definitive as the advocates of the closed system consider them to be. By the time we have completed our analysis, it will be apparent that the pure laissez-faire model of classical liberalism is sufficiently unsound that erstwhile supporters of should not feel themselves untrue to their own philosophy if they choose not to adhere strictly to it under the economic conditions of the future. In a world where the globalization of trade and the rapid development of non-labor-intensive technology point toward a massive displacement of workers and polarization of incomes in the foreseeable future, economic theory must be free to pursue a sounder theory. Old shibboleths will no longer suffice. No one needs to realize this more than the supporters of a free market themselves. This article won't undertake to describe the changes in technology and work that are coming; those are vast subjects in themselves. We will limit the present discussion to a review of several of the pivotal concepts about a market economy and in the position to assess their soundness. INVALID OBJECTIONS First, it is well to notice that there are major, long-standing criticisms of the market economy that are not valid. Later, when we see problems with much of the theory, we shouldn't be understood as endorsing those invalid criticisms. It will enhance conceptual clarity to include a discussion of those here, so that we can carefully delineate criticisms that are sound from those that are not. The theories: The ideas involved in the view that capitalism victimizes millions of people have been prominent among the invalid objections. A central part of the Left's outlook for two hundred years has been that many millions of people are systematically and oppressively taken advantage of under capitalism, so that the State or an ideological movement needs to take up their cause as a liberating mechanism against the exploiters. (This was the core insight held by the German socialist Ferdinand Lassalle, for example.) If this view is correct, classical liberalism is simply a sham, with individual liberty a cover for something insidious (which is precisely the view taken today by the various forms of class, racial and feminist deconstructionist theory). The criticism goes to the heart of a bourgeois free society, seeing it as something far different than it purports to be. This author analyzed the particular forms of exploitation theory in detail in an article in the Spring 1996 issue of this Journal, based on a chapter in his book Socialist Thought. …" @default.
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• W317063322 title "A Critique of the Central Concepts in Free-Trade Theory" @default.
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