"The excesses are not abnormalities but are exactly how we would expect unregulated markets to work, especially when capital has the law and politics on its side. Monopolies can charge a high price when consumers (once known as patients) do not react or when they move to another provider, and thus an unconscious roadside casualty is the perfect victim. In retrospect it is not so surprising that free markets, or at least free markets with a government that permits and encourages by the rich, should produce not equality but an extractive elite that predates on the population at large. Utopian rhetoric about freedom has led to an unjust social dystopia, not for the first time. Free markets with rent seekers are not he same as competitive markets; indeed, they are often exactly the opposite."
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Original Language: English
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Sources
, Economics in America: An Immigrant Economist Explores the Land of Inequality Princeton University Press (2023), , p. 95
https://en.wikiquote.org/wiki/Freedom
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Freedom
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