Founded by Prince Michael of Liechtenstein

Markets, Morals and Policy-Making by Enrico Colombatto

A New Defense of Free-Market Economics

Prof. Enrico Colombatto is one of the Geopolitical Intelligence Services’ leading economic experts. In this recent book he offers the reader a new perspective on free-market economics. In this analysis, the defense of markets is no longer based upon the utilitarian claim that free markets are more efficient. Instead, it rests upon the moral argument that top-down coercive policy-making is necessarily in tension with the rights-based notion of justice typical of the Western tradition. Professor Colombatto shows that the solution is, in fact, a better understanding of the lessons taught by Scottish Enlightenment: the role of the political context is to ensure that the individual can pursue his or her ends, free from coercion. This also implies individual responsibility, respect for somebody else’s preferences and entrepreneurial instincts. The most robust and consistent case for free-market economics, therefore, rests on moral philosophy, not on some version of static-efficiency theorizing.

17 June 2019