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Two cheers for the market

Market economies are unpredictable and chaotic—and that is why we should value them

By John Kay   September 2013

“A Russian bureaucrat once asked: ‘who is in charge of the supply of bread to New York?’ The answer, of course, is no one.” (© Sylvain Sonnet)

Capitalism is a misleading term that encourages misapprehensions. One such misapprehension is that economic power rests with the owners of capital. When, during the Industrial Revolution, people went to work in places such as Arkwright’s Mill, the mill was, indeed, Arkwright’s, a tyrannical figure who owned the mill and the machines in it, and brooked no insubordination.

Modern business is not like that.…

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