SSCI 1200U Lecture Notes - Lecture 3: Georgios Papadopoulos, Augusto Pinochet, Maximiliano Hernández Martínez
Document Summary
No government can ever have enough knowledge to properly run an economy. Therefore the economy must be left free of government control. All the information we need to coordinate economic action as individuals is contained in prices. If you let government control the market at all it is the road to serfdom it will end in dictatorship. The markets as exploitation argument is associated most commonly with karl marx, but. Adam smith also warned of the corrosive dangers of free markets. Remember, the reasons for the opposition to feudalism especially in the late 18th century: Plague, war, poverty of the masses, emergence of the merchant class. The defeat of feudalism is more the result of a war between two powerful classes than a true struggle for freedom or democracy. The winners were the merchant/capitalist class" losers were feudal aristocracy; pawns were the masses of poor. The rich are rich because the poor are poor.
