One of the main tenets of 80s Thatcherism and its big brother Reaganomics was that it is 'the market that decides'.
Free market capitalism has been the predominant thread in political and economic life ever since. Even thereotically left wing governments like Clinton's in the USA and New Labour in the UK have subscribed to it.
Thing is: it appears that government are not, in the final analysis, prepared to let the market decide. Hence the nationalisation of Northern Rock and Bradford and Bingley. Hence the - albeit currently thwarted - $700billion Wall Street bailout.
It appears to me that free market capitalism is all very well when it works, but as soon as the market starts to eat itself, all of a sudden government intervention is needed.
Personally, I have no moral, ethical or political objection to the nationalisation of the banks or to the Wall Street bailout scheme. But lets' just stop pretending that free market economics is a workable system, shall we?
