One Comment

  1. A very good article.

    Governments (fundementally mislead by the “perfect competition” conception) do not understand what an market is and should be.

    The private rules of a privately owned exchange are not the business of the government – as long as it is legal to set up a competing exchange (there does NOT have to be a competing exchange – it just has to be legal to set one up) and one can (if buyers and sellers so wish) buy and sell “off-exchange”.

    Nor is a cartel (or a guild) something the government should hit – unless it is COMPULSORY.

    Private companies voluntarily cooperating to (for example) prevent folk getting high commissions – are none of the business of the government.

    Of course all the above runs against the university economics books – which is the problem.

    The conception of what a market should be in, in “mainstream” economics, is wrong – fundementally wrong.

    In reality a market should be about private property rights and the nonaggression principle – and naught else.

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