Interventionism

Bettina Bien Greaves introduces this unpublished manuscript by Ludwig von Mises, in which our author parses the differences between free and unfree systems.

“The most generally accepted raison d'etre for State intervention in economic affairs has been that a free market could not sustain competition: unregulated capitalism would inherently spawn monopolies, and these monopolies would inherently “misallocate” scarce economic resources.”