Hayek and Markets

As much as I respect Professor Hayek, Markets are much more complex and difficult to understand than he makes them out to be.

In fact, I see no difference between the state where Government is so large and powerful that it controls the availability of certain goods and services, and the state where another entity - such as a Corporation or a group of Corporations - controls the availability of certain goods and services.

It may seem odd that American Corporate Capitalism might transform itself into Socialism, but odder things have happened. There is already widespread socialization of risk, such as the nuclear power industry, where disaster insurance is not for sale at any price, and the governments of the world have had a tacit agreement that the people will pay when something goes wrong.

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