Years ago, don’t ask me why, I was drawn into the moderatorship of a panel starring then-colleague Milton Friedman. His main point, iterated in the face of any criticisms or questions by panelists and audience members, was that markets succeed because, “unfettered,” they are the best expression of perfect freedom. They needed no watching or help from other spheres of life. Challenged: “Do you mean, Dr. Friedman, that there is no place where, say, the governments have a part to play in the market world?” “Roads!” The confident, one-word response sounded rehearsed. Roads have to run through private properties, subject to eminent domain. Anything else involving “others” with the “private” world? No, only “roads.”<\/p>\n
Of course, not all advocates of “unfettered” and “unregulated” markets were as sure of themselves as Dr. Friedman, who was as informed and skillful a debater as I’ve ever known. Yet for most, governments were not to play any part in regulating or monitoring markets. Today we are hearing from many who are suddenly “born-again” advocates of some measure of regulating agencies and companies and transactions. The various sectors of society do have different interests and can mess each other up, but the headlines and prime time utterances this week indicate that, to give a secular translation of a “body of Christ” theme, “we are members one of another.” We re-learn it again, too late, during this “Worst Crisis Since 1930s,” and hope for healing.<\/p>\n