Comment by WalterBright
20 days ago
> But the belief in the magical power of the free market always to serve the public good has no theoretical basis.f In fact, our current climate crisis is a demonstrated market failure.
It's not a free market failure. It's an example of the Tragedy of the Commons.
I think that’s like saying a square is not a rectangle.
The Tragedy of the Commons is characteristic of Marxist economies, not free markets.
And yet we see a lot of instances in free market economies. If you're going to talk Marxism, address actual criticisms (of which there are plenty) and not reactive Red Scare-type boogeymen.
It’s both.
The Commons is not owned by anyone, and so property rights are not in play. Property rights are essential to the proper functioning of the free market.
Common resources lead to a free market failure exactly in the sense that they are not considered property: instead, they are free for the taking. Or perhaps it's your use of the word "proper" that is crucial here.
Also, how do you explain how countries like the US are so prominently involved in the climate crisis? Are you going to say the US is not very much free market?