The alternative to the market process is government control, and we know where that principle leads.

No matter how much the government controls the economic system, any problem will be blamed on whatever small zone of freedom that remains.

The housing and financial crisis could not have occurred in the absence of government housing and monetary policies.

Freedom is never more in peril than when politicians feel the pressure to 'do something.'

Among other grand achievements, F. A. Hayek had a remarkable career pointing out the flaws in collectivism. One of his keenest insights was that, paradoxically, any collectivist system necessarily depends on one individual (or small group) to make key social and economic decisions. In contrast, a system based on individualism takes advantage of the aggregate, or 'collective,' information of the whole society; through his actions each participant contributes his own particular, if incomplete, knowledge-information that could never be tapped by the individual at the head of a collectivist state.

We must acknowledge, of course, that what looks like failure to us Americans outside the privileged elite may not actually be failure for our overlords.

The alternative to the market process is government control, and we know where that principle leads.