Left to its own devices the market is capable of the most miraculous of inventions and the silliest of self-delusions. It is an extreme romantic. It also has a real purpose - the same one it has always had. That is to organize the supply and exchange of goods or to finance the production of goods - thus facilitating and financing the economy. But the market cannot achieve in a regular and lasting manner its own purpose because it is only an unconscious and abstract mechanism. The factor which must be added in order to create the restraint, balance, and consciousness necessary for long-term prosperity is human leadership. That leadership takes the form of effective regulation.
Technorati Tags: 
Post new comment