By all means, we should get rid of “Too Big to Fail,” but more regulation isn’t the way to do it. Free markets do much better than government in the business of making sure no company is too big to fail—or too small to succeed.
The marketplace is complex and confusing. Even economists who have spent their whole careers studiously researching market behaviors disagree widely about policy recommendations. But views about how markets function can generally be simplified into two worldviews.
On February 19-22, 2015, amidst snow-covered hills in northern Virginia, Values & Capitalism’s team partnered with Wheaton economics professor (emeritus) P.J. Hill in hosting our second annual faculty colloquium, “Markets: Defenses and Critiques.”
No, I am not making this up. According to the Pew Research Center’s Global Attitudes Project, “a global median of 66% say most people are better off under capitalism, even if some people are rich and some are poor.”
It is easy to criticize luxurious lifestyles. Who really needs a private jet? Does a $2,000 bottle of wine really taste any better than a decent $15 bottle? The website Bornrich.com features a list of the “most expensive things” that most people will find both amusing and disturbing.
When it comes to luxury, we are all guilty in some way or another—it is [...]