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When I discussed reasons to esteem the free market last week, I conspicuously left out any reference to competition. That might have seemed strange, but I did it because the subject deserves its own treatment.
Differing attitudes about market competition divide people needlessly. An appreciation of what competition makes possible could prepare the ground for a convergence between libertarians and those we might call latent libertarians, that is, those who value individual liberty but don’t yet see the market as its natural home.
I won’t say much here about the strictly economic functions of competition — its role, for example, in driving down prices and driving up the quality of goods and services. Competition among employers is also important for maximizing workers’ bargaining clout. This is why earlier American libertarians, like Benjamin R. Tucker and his cohorts, objected to all government limits on competition, including banking restrictions. State-fostered monopoly is the enemy of freedom and prosperity.
Besides these aspects, ...
