We cannot rely on the so-called free market to ensure that private business does not abuse and exploit the public any more than we can rely on the ballot to ensure that the state does not abuse and exploit the people. It requires constitutional, representative government and the rule of law as well as economic freedom. Like the free market, democracy can be slow and inefficient and is no guarantee that tyranny will not arise, in either economic or civic affairs, but it is our only hope.

The growth and welfare of private business is a good and wholesome activity that should be encouraged and protected by the state. But private business and ownership has no more right to unfettered power over economic activity than noble birth gives one the right to own land or divine right gives the king total right over his subjects. Private commerce benefits from the presence and protection of the community, it must submit to its legitimate demands and control.

Economic power is as avaricious and corruptible as political power. Private enterprise requires the same sort of control and oversight that curbs the state and protects us from tyranny.

“In the absence of proper government, the strong will always take from the weak.” — Chris Hayes