capitalism — VOICES for REASON

The upcoming Spring issue of The Objective Standard includes an article by ARC’s Yaron Brook and Don Watkins challenging the notion that America had a free market economy before the recent crisis. In  “America’s Unfree Market,” they argue that since World War I the U.S. economy has been increasingly saddled with–and damaged by–the anti-free market elements of taxes and government controls.

As noted in the article, with the latest federal budget surpassing $3 trillion and tens of thousands of regulations already on the books, people’s belief that America has a free market is only possible because of a gross misconception of what a free market actually is. That’s why I think one of the most important passages in the article is the following:

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Bruce Springsteen apologized for agreeing to market a new greatest hits album exclusively through Wal-Mart. Why? Because he’s embarrassed by the giant retailer’s “labor history.” Translation: Wal-Mart’s wages and benefits are high enough to attract capable workers, while being low enough to generate profits for shareholders. Oh, yes—the company also doesn’t welcome labor unions.

Message to the Boss: save your pity for somebody who needs it. The regular people who apply for jobs at Wal-Mart are not helpless victims—they are sovereign individuals who benefit from their employment contracts, just as you benefited from your record deal. Just check out this entertaining and insightful story by a senior writer at Wired magazine who applied for an entry-level job to see for himself if the union-sponsored gripe sites were telling the truth about Wal-Mart’s lowest-paid employees:

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