Irish Liberty Forum

Once More: Market Failure Blamed for Government Failure

with 2 comments

For my sins, I had a look at the incredibly awkward transcript of a hearing by the Joint Committee on European Affairs. There I found something I had flagged previously: the free market being blamed for the economic slowdown. Kieran Allen:

I am in favour of a system of distortion of competition. I am in favour of State intervention and strong trade unions. Such things distort the purity of the market. If the committee wants to know why I think pure competition does not work, I suggest that members should consider what is happening to the financial sector of the world economy at the moment. The pure and undistorted competition from the sub-prime markets is leading to a global financial crisis.


Written by Graham

April 11, 2008 at 5:33 pm

Posted in economics

2 Responses

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  1. In fairness though, KA is a member of the SWP IIRC, so perhaps not the first person I’d turn to in an economic fix…


    April 15, 2008 at 8:47 pm

  2. You wouldn’t? 🙂


    April 16, 2008 at 8:50 pm

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