Anticapitalist propaganda—a subset of the Communist propaganda now increasingly in vogue—often takes the form of denying the reality of free markets and mocking those who affirm it. “So-called” usually precedes the reference. The mockers deem market-realists as being in need of therapy, not argument.
Given the platforms that anticapitalist forces have, I decided to use mine to lay out a pro-market argument, one that presupposes that human flourishing is a good thing. It’s a slightly modified excerpt of chapter 20 of Christ, Capital & Liberty: A Polemic. The “polemic” was my apologia for the free-market Austrian School of Economics against a critic, but you won’t need to know that spat’s background to follow this theoretical portion.
Yes, theoretical: you’ve been warned! Unless philosophy is your meat and drink, you might be skip it (or save it as a substitute for Sominex for your next sleepless night). I have little doubt, however, that you’re dealing with the malign consequences of anticapitalist error. What follows might help you think about ways to engage its purveyors.
—Anthony Flood
What are “Free Markets”?
Defining terms
By “real” we mean the logical contrast of the illusory, the delusional, the fictional, the artificial, etc. When we know or suspect that we are in the presence of the latter, we appeal to some notion of the real to negotiate our encounter with it. A good analogy is found in the contrast between the true and the false: the notion of truth emerges only through the experience of falsehood. (If we could never experience being in error, or being deceived or lied to, we’d have no use for a notion of truth.)
Whatever is a function of real entities is also real. A market is a network of exchanges that persons, according to their human nature, spontaneously form. (That is, they do not engage in exchange because they read in some book that that’s what they must do.) Markets are functions of persons, and persons are real. (Persons are entities with causal efficacy, however, markets are not.)
The market is an order—specifically, a network of exchanges—that persons naturally create in pursuit of their flourishing (which exceeds in value their mere biological sustenance and continuance).
Since persons generate that order by acting in accordance with their nature, it is a natural order, one level, aspect, or dimension of several that make up the universal natural order. Violations of that order, which tend toward human self-destruction, is not to be put on the same ontological level as that which contributes to human flourishing.