Economic Theory

IEA: Taylor speech to RSA highlights “badly misplaced” gripes with capitalism

Responding to Matthew Taylor’s annual lecture to the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA), IEA Director-General Mark Littlewood, said:

“Matthew Taylor’s gripe with free market capitalism is badly misplaced.

“Taylor labels co-operatives and mutuals as examples of what he calls ‘communitarian capitalism’, but ignores that these options exist in the current system. The free market enables a wide range of models which suit differing sectors, businesses, workers, and consumers. An economy which creates diversity and choice is far preferable to one that would restrict people to a few, limited options.

“The best way to tackle to insecurity some people feel about their future living standards is to promote strong economic growth through market mechanisms – not to seek more and more government intervention in the economy, and by extension, peoples’ lives.”
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The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.

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