ProfAnarch on Nostr: The essential quality of a market/competition system, contrary to popular thinking, ...

The essential quality of a market/competition system, contrary to popular thinking, is not that it promotes greed, but rather, that it renders greed harmless. Wouldn’t we all prefer to live in an economy that brought out the best in us? Socialists often argue that their ideal system is more moral than the selfish greed of market life. But some of the best defenses of the free market argue that it in fact encourages virtuous behavior. For example, it’s in everyone’s interest to be honest and hardworking, since news of one’s not being so can easily spread throughout the marketplace and harm one’s ability to make money.