3 ms·

" fraudulent exchanges are not part of the free market." That is not true at all. Totally Free markets are 'buyer beware', If fraud can exist, then that is f

" fraudulent exchanges are not part of the free market." That is not true at all. Totally Free markets are 'buyer beware', If fraud can exist, then that is fine, you should have done your homework before buying a lemon. Each side is responsible for verification. Markets where fraud is caught and removed, have rules, and laws, regulations, enforcement. And thus many say are 'not free'. Add regulation and then people complain, "Why are you regulating me, I want my free market".

WalterBright 2y ago
> That is not true at all. You can make up your own definitions, but the free market requires a government to protect rights. Defrauding people is stealing, not free market. You cannot have a free market when people are allowed to say "either your signature goes on the contract or your brains." Buyer beware is because the government cannot always protect people against fraud, no matter how much regulation and enforcement there is. Buyer beware also means people should read contracts before signing them. That's not fraud. A lot of people like to believe free market means no government, but that's simply not true. For another example, if someone sells you a jar marked "grape jelly" and you open it later and it's just water, you've been defrauded. This is a crime, not the fault of the buyer, and not free market.
- FrustratedMonky 2y ago
  Sorry. I agree with all of that. I took your sentence as the opposite. And so was making the extreme point on totally free markets are chaos that would allow fraud. Perhaps I'm too sensitive to the 'right' narrative that government is evil and markets should be 'free' of regulation or laws. So now when someone starts talking free-market, I assume they are in that group. There are groups, sometimes libertarians, that argue all regulation is bad, for example, if I buy the "Grape Jelly" and it is water, then the 'Free' Market will self correct by people not buying your "Grape Jelly" and you would go out of business. I agree, laws and regulations are needed for a market to work. Was just pushing back on the group that thinks even that is not 'free' enough.

WalterBright 2y ago

> That is not true at all. You can make up your own definitions, but the free market requires a government to protect rights. Defrauding people is stealing, not free market. You cannot have a free market when people are allowed to say "either your signature goes on the contract or your brains." Buyer beware is because the government cannot always protect people against fraud, no matter how much regulation and enforcement there is. Buyer beware also means people should read contracts before signing them. That's not fraud. A lot of people like to believe free market means no government, but that's simply not true. For another example, if someone sells you a jar marked "grape jelly" and you open it later and it's just water, you've been defrauded. This is a crime, not the fault of the buyer, and not free market.

FrustratedMonky 2y ago
Sorry. I agree with all of that. I took your sentence as the opposite. And so was making the extreme point on totally free markets are chaos that would allow fraud. Perhaps I'm too sensitive to the 'right' narrative that government is evil and markets should be 'free' of regulation or laws. So now when someone starts talking free-market, I assume they are in that group. There are groups, sometimes libertarians, that argue all regulation is bad, for example, if I buy the "Grape Jelly" and it is water, then the 'Free' Market will self correct by people not buying your "Grape Jelly" and you would go out of business. I agree, laws and regulations are needed for a market to work. Was just pushing back on the group that thinks even that is not 'free' enough.