ABSTRACT

According to conventional wisdom, free markets are practically flawless, acquiring an almost divine aura. Arguably, we have replaced the divine rights of kings with the divine laws of the market. We ought to keep in mind, however, that markets are created by human beings and not by a deity. They are by no means natural.1 Rather, they are man-made institutions and hence can be formed and reformed to suit our purposes; they are not above criticism; and they cannot possibly be flawless. They are not infallible and should not be idolized.2 They are a means to an end and not an end in themselves. Thus, we should remain the masters of markets, and not vice versa.