ABSTRACT
The 1980s and 1990s have seen a revival of the popularity of capitalism. The decline of the Soviet Union not only proved that socialist planned economies are less efficient than capitalist economies, it has also shown that freedom of choice by individuals is much smaller in these socialist economies. Moreover, one can doubt whether a socialist system really brings more equality between citizens. These moral advantages of the market – efficiency, freedom of choice and justice – depend crucially on the competitive nature of the system. If firms collude and use their power to drive out competitors by unfair practices, the market ceases to be efficient and fair and will restrict people’s freedom.
