Markets are About Freedom, not Competition

By: Ryan McMaken

I really enjoyed Antony Sammeroff’s article last month about how the distinguishing characteristic of markets is free and voluntary exchange. Although many people like to speak of “competition” as the defining characteristic of markets, they’re wrong. There is competition for resources in every political and economic system. In markets, however, that competition for resources is more free and less violent than in other systems.

Sammeroff explains more in a recent interview with Tom Woods:

 

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