Lesson 7: What is the Free Market?
(Sandel, Chapter 4)

As I read Sandel, I constantly ask myself, “What is the free market?” Almost all his examples and arguments assume it is lurking in the shadowy background to make sure its role is considered. Yet although Sandel continually refers to it, he never really defines what the free market is. What is the free market? Is it a natural process like evolution or gravity; a characteristic of human relations, such as self-centeredness? Is it an economic premise that simply takes for granted this is the way things work or a social theory based on evidence? If it is the latter, what kind of evidence: data, historical evidence, or common sense? On the other hand, is it really rational observation or simply cynical conclusion? Of course, I am not asking academic questions. Any quick observation indicates there is nothing like the academic concept out there in the real world. With our tremendous separation of the rich and poor and the “too big to fail” institutions, it is next to impossible to argue supply and demand lead to a just society. When I paid attention to how the concept was used in the media, I found people almost always brought it up to argue against making decisions or taking action. It usually was used by those in power to justify the power they had or to speak against reforms or regulations or to explain why a problem happened (very often a problem they had created through their own bad decisions or immoral actions). The former Federal Reserve chairman, Alan Greenspan explains the 2008 financial collapse in these terms. He admits he and many others believed institutions operating in a free market would self regulate, and they didn’t. In other words, he sat back and waited. Yet many again use the free market to argue we should not enforce governmental regulation or any checks and balances to hinder these same institution from doing whatever they want. I have come to see the free market as a default mechanism to which we turn when technology seems to have shown God and traditional principles are irrelevant, naive, and even destructive. With nothing else, we look to the next election or the free market, pretending they will answer the questions we can’t. There are obviously times when it is wise not to act or to interfere with natural processes. However, for the most part, Christians should not allow a shadowy concept to excuse us from making moral decisions or taking ethical actions. In a situation calling for neighborly love, we should not sit back and wait for God or the free market to kick in. As we shall see in the next lessons, justice is primarily about controlling power, especially the violent use of power. Yes, justice can be defined as fairness, but the reason we seek fairness is to control power. When we do not speak or act, we allow power to have its way. Love, not power, is what makes the world go round.