Obituary of the Free Market Doctrine
April 18, 2011

 Zafar Imam

 It has emerged that famous doctrine of capitalism in the period of 80s – the ‘free market economy’ – is “sadly” no more alive in the practice, except text books. The creation of Jeffery Friday and cheerfully presented by Chicago School of Economics, the mantra of ‘free market’ died a rather shameful death in the credit crunch started from U.S some two and half years back. Washington Boys, since then have tamed a form of economic model much near to the state capitalism. But nobody has yet confessed that U.S,UKor other world economic powers have switched to the state capitalism in form of tight regulations, bailout packages and financial injections to boost the market, which was believed to be self-regulatory. In the wake of financial quake, this ‘self-regulatory’, ‘self-corrective’ metaphysical ‘free market’ didn’t work. It simply collapsed. Simply, without any further bogus slogans. (more…)