25 Horrifying Images of the “Free” Market at Work – [alternet.org]
When economists talk about how a market “regulates itself,” what they mean is that markets reach an equilibrium between supply and demand.
This says nothing about whether or not this equilibrium will be a good thing for society. It simply states that if consumers choose what to buy and producers choose what to sell and how to produce it, the market settles on a product distribution and prices.
Lately, many people I know have argued that “free markets” mean something more. They see markets as ethically right or ethically moral, meaning pursuit of profit always somehow leads to a greater good.
Unfortunately, morality isn’t built into markets.