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What is a free market? Mitt Romney gets it wrong

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Does Mitt Romney even know what a free market is?

It’s worth asking, if only because people watching him debate last night, and incorrectly assuming that a successful businessman must know such basic facts, may have been misled.

I quote:

Regulation is essential. You can't have a free market work if you don't have regulation. As a businessperson, I had to have -- I need to know the regulations. I needed them there. You couldn't have people opening up banks in their -- in their garage and making loans.

A free market is precisely a market in which people can open up banks in their garages, crumbling apartments, and back pockets—or their stores, factories, and mansions—and make loans without getting the government’s permission...

For the full post, including lots of links to relevant past material on The Atlas Society's website, go here.

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