> Free markets are the only way to avoid catastrophic booms and busts. This is an unsupported statement of deep faith. To my mind, it fails along two differen

> Free markets are the only way to avoid catastrophic booms and busts. This is an unsupported statement of deep faith. To my mind, it fails along two different axes: I don't think that free markets are the best or even only way to prevent major booms and busts; and more importantly, I don't think that free markets actually even do prevent a substantial boom-bust cycle. In particular, the early capitalist period was made up of nothing but major boom-bust cycles until the markets were regulated, and the deregulation fad that started in the 80s and continues today has certainly seemed to contribute to the fluctuations in the economy. That's not to say that protectionism is the answer either. But the unfettered free market is the opposite of a solution to our problems.