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Books > History > History of specific subjects > Economic history
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The Illusion of Free Markets - Punishment and the Myth of Natural Order (Paperback)
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The Illusion of Free Markets - Punishment and the Myth of Natural Order (Paperback)
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It is widely believed today that the free market is the best
mechanism ever invented to efficiently allocate resources in
society. Just as fundamental as faith in the free market is the
belief that government has a legitimate and competent role in
policing and the punishment arena. This curious incendiary
combination of free market efficiency and the Big Brother state has
become seemingly obvious, but it hinges on the illusion of a
supposedly natural order in the economic realm. The Illusion of
Free Markets argues that our faith in "free markets" has severely
distorted American politics and punishment practices. Bernard
Harcourt traces the birth of the idea of natural order to
eighteenth-century economic thought and reveals its gradual
evolution through the Chicago School of economics and ultimately
into today's myth of the free market. The modern category of
"liberty" emerged in reaction to an earlier, integrated vision of
punishment and public economy, known in the eighteenth century as
"police." This development shaped the dominant belief today that
competitive markets are inherently efficient and should be sharply
demarcated from a government-run penal sphere. This modern vision
rests on a simple but devastating illusion. Superimposing the
political categories of "freedom" or "discipline" on forms of
market organization has the unfortunate effect of obscuring rather
than enlightening. It obscures by making both the free market and
the prison system seem natural and necessary. In the process, it
facilitated the birth of the penitentiary system in the nineteenth
century and its ultimate culmination into mass incarceration today.
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