----------------- HES POSTING ----------------- Dan Bromley's excellent discussion of the use (misuse) of the word "free" in conjunction with the word "markets" brings to mind the usefulness of the phrase "self-regulating" to describe the utopian ideal of "free" market systems. Karl Polanyi in _The Great Transformation_ developed the contrast between markets that are embedded in other social structures (rules of law, public policy, other kin or community based organizations of production and/or distribution) and the utopian concept of a self-regulating market system. The introductory textbook account of how "free" markets work is an account of a self-regulating market system. Polanyi's argument that policies designed to create such a system in the 19th century U.K. were utopian accords with Dan Bromley's description of how "free" is used in talking about markets. ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]