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Tackling poverty: free our markets

June 23rd, 2017 Posted in Economics, Free trade, freedom by

Pundits have had a field-day speculating as to why Jeremy Corbyn’s Labour party increased its hare of votes and seats at the General Election. It could simply be that at this stage of the electoral cycle, voters were feeling fed up with the incumbent. But the narrative developing is that the public are looking for solutions and the Conservative party is failing to offer them. It is true, that the policies proposed to help those ‘just about managing’ didn’t hit the mark. Ask someone if they would like to see a worker on a board of directors or more money for the NHS and the answer is obvious.

Both main parties talked up State intervention and talked down the power of the free market. It appeared that the Conservatives were ashamed of capitalism and decided to put it in the attic so no one would notice it. Since the election, Allister Heath of the Telegraph and others have called for a new or existing think tank to make the case for the market.

That case is very strong. Apart from anything else, markets work. In a free market people voluntarily engage with each other, find jobs, goods and services that they want. The market allows people to collectivley send messages to producers about what they want and what they can afford. The producers respond. Of course, not everyone can get what they want but as a collectivist endeavour, the market beats command and control every time. Perhaps more importantly than that free markets lift people out of poverty because a functioning market creates wealth and successful businesses. Those businesses employ people. It is astonishing that the Left, claiming to care so much about the poor, dismiss markets and want to shackle them, which in turn causes poverty.

As well as making the case for free markets, and free trade as the only fair trade is free trade, there needs to be a campaign to ensure that markets are as free as possible. That means removing regulation and reducing government interference.

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