Markets Require Intentional Design

Initially, laissez-faire capitalism operated under the belief that markets are natural phenomena, relying on voluntary exchanges for mutual benefit and self-correction, akin to natural processes in ecosystems or human health. However, the tumult of the Great Depression led to a shift in this perspective, challenging the idea of markets as self-correcting entities. Thinkers began to view markets as human constructs that necessitate regulation and design by the government to achieve desired economic outcomes, highlighting the need for intentional intervention rather than passive reliance on market forces.