Taking "free markets" from rhetoric to realityFor three decades free-market leaders have tried to reverse longstanding Keynesian economic policies, but have only produced larger government, greater debt, and more centralized economic power. So how can we achieve a "truly" free-market system, especially at this historical moment when capitalism seems to be in crisis? The answer, says John C. Medaille, is to stop pretending that economics is something on the order of the physical sciences; it must be a "humane "science, taking into account crucial social contexts. "Toward a Truly Free Market"argues that any attempt to divorce economic "equilibrium" from economic "equity" will lead to an unbalanced economy--one that falls either to ruin or to ruinous government attempts to redress the balance. Medaille makes a refreshingly clear case for the economic theory--and practice--known as distributism. Unlike many of his fellow distributists, who argue primarily from moral terms, Medaille enters the economic debate on purely economic terms. "Toward a Truly Free Market"shows exactly how to end the bailouts, reduce government budgets, reform the tax code, fix the health-care system, and much more.
John C. Medaille is the author of "The Vocation of Business: Social Justice in the Marketplace" and an instructor at the University of Dallas. He writes and lectures frequently on economics. Medaille has more than thirty years' experience in management at large corporations and as a small businessman, and he served five terms as a city councilman in his hometown of Irving, Texas.