PHL 101 Lecture Notes - Lecture 24: Wilt Chamberlain, Natural Monopoly
Document Summary
Libertarians defend market freedoms, and oppose the use of redistributive taxation schemes to implement a liberal theory of equality. Not all share the view: the free market is inherently just. Free markets may produce an increase in social wealth. If the free market is not maximally productive, cases of natural monopolies, then utilitarians would support government restrictions on property rights. Others defend capitalism minimizes the danger of tyranny. The more governments are able to control economic life, they will be able to control all aspects of life. There are instrumental defences of the free market are a means for promoting maximal utility, or for protecting political and civil liberties. On these accounts we do not favour the free market because people have rights to property. We give people rights to increase utility, and if we could promote utility in a different way we could legitimately take away property rights.
