The Market System

A Closer Look at the World’s Top and Bottom Laissez-Faire Countries

economic news roundup and contracts
Comments (1)
  1. Rick Shapiro says:

    It’s important to distinguish between the sanctity of property/contracts, and regulation of the types of agreements that can be contracted. If Hyack had been a competent student of history, he would have known that the road to actual serfdom invariably leads through extreme laissez-faire, particularly with heritable debts. Even today heritable debt serfdom exists in places like Mali and Pakistan.
    The use of property must also be restricted by regulation. The Coasian wet dreams of libertarian sociopaths would make sense only if we had ten million courts and fifty million expert witnesses; so that I could sue you for the $13 of pollution tort that your car does to me, while you sue me for the $11.50 tort that my car does to you.