Free Market Economy Is A Core Libertarian Value

Tuesday, August 18, 2020

I am writing about libertarian values and principles and how they apply to United States politics. The goal here is to reduce the stigma around Libertarianism.

 

I once heard Libertarians described as “Republicans who smoke pot.” That could not be farther from the truth.

Libertarians believe in a freer society for people to express their ideas, live their lives the way they choose and sometimes make bad decisions. Some may say that letting people make bad decisions is cruel or heartless, but in reality, letting people make mistakes actually makes them stronger and better as a person.

 

Core Libertarian views include a free market economy. A free market is simply this: an economic system in which prices are determined by unrestricted competition between privately owned businesses. This means de-regulating what businesses can and can't do, make or hire. Allowing competition spurs creativity and innovation among companies to make the better quality product or service that they offer to their customers. 


Oftentimes, legislators regulate businesses in the interest of “equality” or “safety”. First, the notion of having equality in the workplace - by that I mean Affirmative Action and being an “equal opportunity employer.” This sounds great - I mean, who doesn't want to be equal? In reality, affirmative action hurts business because if you hire someone because of their race, they may not be the person for the job, you’re just hiring them for their race. If we can get rid of affirmative action and let businesses decide who they hire and who they see fit for the job, it not only makes for a better product, it contributes to the overall goal of freedom and promoting a free market. As Dr. Martin Luther King Jr. said in his famous “I Have a Dream” speech - “I have a dream that my four children will one day live in a nation where they will not be judged by the colour of their skin, but by the content of their character.” Minorities are even hurt by affirmative action because many times they are stigmatized because there is a preconceived notion that they got the job because of some quota or requirement, not for being qualified. 


In conclusion, the best part of a free market is competition for quality and comfort. Regulations do more harm than good in most cases and we need to reexamine the regulations we have now and understand the economic impact that they have now and how we can make them better. 

 

William Reynolds (age 14)

Chattanooga




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