The banking crisis of the last few years should alert us that there is something wrong with aspects of our economic theory. I believe that the call for unregulated markets and small states have landed us into the mess we are living in. Markets can’t regulate themselves. An unregulated market is a gangster economy. Such a market is regulated by the strong and ruthless. Competition, labour conditions and consumer rights get destroyed. Markets can’t regulate themselves. They have traditionally been regulated by the state. Free markets and weak states have led to chaos and tyranny. States had to regulate the market to protect consumer rights health and safety of workers and to break up monopolies. For a market to function properly it needs oversight.
There is danger of an over regulated market by the state. This problem of regulation is a lesser problem today. Over regulation is just as bad as under regulation.
John O Brien.