market system

is a way of referring to capitalism that benefits those to whom money accords power in that it minimizes (and makes anonymous) the role of wealth in the economic and social system and emphasizes the admirably impersonal role of market forces.

Let's begin with capitalism, a word that has gone largely out of fashion. The approved reference now is to the market system. This shift minimizes indeed, deletes the role of wealth in the economic and social system. And it sheds the adverse connotation going back to Marx. Instead of the owners of capital or their attendants in control, we have the admirably impersonal role of market forces. It would be hard to think of a change in terminology more in the interest of those to whom money accords power. They have now a functional anonymity.

is able to regulate itself without government and government only creates problems in a market system.

Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself. . . Everyone understands now, on the contrary, that there can be no solution without government. The Keynesian idea is once again accepted that fiscal policy and deficit spending has a major role to play in guiding a market economy. I wish Friedman were still alive so he could witness how his extremism led to the defeat of his own ideas.

is, contrary to Milton Friedman's belief, unable to regulate itself. On the contrary, there can be no solution without government.

market system, n.All

market system