Once More: Market Failure Blamed for Government Failure
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.