My latest at FEE. I quote a socialist with approval! (Really.) Here’s the conclusion:
The advocates of political intervention think that they ensure “consent of the governed” through the institution of democracy. But both history and theory show the naïveté of that belief. Suppose we had retained the medieval guild system, but with the tweak that the numbers of new entrants would be ultimately controlled by politicians who were elected every four years. Would that have solved the problem and given us a free labor market where people can choose their career paths?
In this world, it is impossible to have “total freedom” in the sense of being subject to no one else’s will — your behavior will necessarily affect others, and vice versa. But the institutions of private property and money allow for voluntary exchanges, with price signals communicating the information everyone needs to adjust his or her behavior. The system is not perfect, but it is the only coherent way to retain a meaningful sphere of individual autonomy while receiving feedback from others.