Monday, January 19, 2009

Dr. King's free-market legacy

How appropriate to talk about Dr. Martin Luther King Jr's economic legacy courtesy of Investor Business Daily:

While honoring Martin Luther King, we should recognize that his contribution to free-market prosperity is an important part of his legacy. Through his work to expand freedom, he expanded our market economy's ability to create wealth for all Americans.

Market prices communicate information on what people desire most as consumers, and on how they can, as producers, develop and use their talents to best serve consumers. These market prices, and the incentives they provide, are distorted when some are denied opportunities to get a good education, take jobs for which they are qualified, and shop where they choose. Our market economy, with the opportunities and prosperity it provides, depends on freedom.
Read the whole thing.

It seemed Dr. King had more faith in the free market system than it seems those who followed him later on had. Perhaps even they were on the same page. Not that I know everything about Dr. King's positions on economic issues. Although it should be noted many people believed use Marxist or Communist in the same sentence with Dr. King.

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