The End of Free Market Fundamentalism Not of the Mixed Economy*

Harry Clarke

Economic Papers, 2009, vol. 28, issue 4, 376-382

Abstract: The GFC involved the collapse of the largest asset market bubble in history and a massive consequent deleveraging of firms and consumers. This event has highlighted defects of ‘capitalism’ and suggested an enhanced case for more government control of economies. This view needs refinement. While market regulation has failed, ‘capitalism’ as a whole has not. Modern economies are, for the most part, ‘mixed economies’ already subject to extensive government intervention and regulation but, within which, market failures persist. The GFC suggests that the focus should be on improving the elimination of these failures not on setting aside the efficiencies yielded by markets.

Date: 2009
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