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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: CalculatedRisk who wrote (53128)2/8/2006 5:30:36 PM
From: gpowell  Read Replies (1) of 110194
 
I think there is a tendency to view government and markets as if they are in competition. If government did not already exist, surely collective individual action (the free market) would create one, this implies that government is an endogenous creation of the market – designed to solve market failures. A pure market, if that means no dependence on institutions or conventions, is extremely limited and not suited to exchanges that produce the majority of wealth. A problem arises when the government is given a monopoly on coercive power, which it must have to some degree in order to function. At that point government is subject to capture by special interests. In this context we can view constitutional democracy as a constraint on governmental capture imposed by the market.
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