I am not one who says "This wasn't really a free market, so it doesn't count as a failure of the free market." Rather, I'm one who acknowledges that all complex societies will have failures -- including systemic failures of this sort. It doesn't conflict with my worldview at all that a "truly free market" could have a catastrophy like the one we are experiencing.
The question is not: "was this a failure of the market?" Rather, the question is: "would intervention reduce, or increase the number of failures?" There has been no credible case made for the profound wisdom and benevolence of government bureaucrats and politicians.
The communists are right about one thing: the lessons of history are not self-evident. We need to use our brains to interpret events, and their causes. That said: unlike communism, which has a history of nothing but failure and poverty, free market societies have a long track record of creating wealth and prosperity for all.
The question is not: "was this a failure of the market?" Rather, the question is: "would intervention reduce, or increase the number of failures?" There has been no credible case made for the profound wisdom and benevolence of government bureaucrats and politicians.
The communists are right about one thing: the lessons of history are not self-evident. We need to use our brains to interpret events, and their causes. That said: unlike communism, which has a history of nothing but failure and poverty, free market societies have a long track record of creating wealth and prosperity for all.