What do we mean when we talk about the ‘free market’?

There are some ideas that inform so much of our thinking about the world that we tend to take them for granted. One example: the idea of the “free market.” Whether we’re talking about income inequality, climate change, or the future of U.S.-China relations – even if it doesn’t come up explicitly, the idea of the free market informs how we think about all of these topics and more. 

But despite its ubiquity, most of us can’t seem to agree what, exactly, we mean by the term. 

Which is why in this episode we’re going to take a closer look at the history of the concept. Jacob Soll is a professor of philosophy, history and accounting at the University of Southern California, and author of the book “Free Market: The History of an Idea.” 

On this episode, guest host Mark Blyth talks with Jacob about how the concept has evolved over the centuries (millennia, in fact) into the lightning rod of economic debate that it is today. But Jacob’s fascinating origin story doesn’t just correct the historical record – it also reframes how we should think about modern economies today. 

• This episode first appeared on another podcast from Watson, the Rhodes Center Podcast, which is hosted by the inimitable Mark Blyth. You can listen to the full version of this conversation by subscribing to the Rhodes Center Podcast wherever you listen to podcasts. 
• Learn more about and purchase “Free Market: The History of an Idea”
• Watch Jacob’s talk on YouTube