Friday, January 16, 2026
What's wrong with "the Free Market?"
There is nothing wrong with the free market. But the term, "free market?" That's a different matter.
I've been trying to convince advocates to refrain from using the term "the free market." The term is a useful shorthand if one understands what it really means, but it lends itself to misrepresentation. It does not say what is really free.
What "free market" really means is each individual is free to decide how to employ his or her labor, and free to make exchanges as he or she sees fit. That is, each individual is free to propose exchanges, and to accept or reject proposed changes. It is not "the market" that is free, it is individuals, who are free to order and direct their own lives.
Socialists and other enemies of freedom find it convenient to pretend to care about people while condemning the free market. By explicitly stating what is entailed in the free market, we force the enemy onto the defensive. It's much harder for them to individuals explain why it's desirable to get rid of free individuals than it is to get rid of an abstract free market. "Free market" is a useful metaphor or shorthand, but we must emphasize that it really means free individuals.
