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No Freedom without RegulationThe Hidden Lesson of the Subprime Crisis$
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Joseph William Singer

Print publication date: 2015

Print ISBN-13: 9780300211672

Published to Yale Scholarship Online: January 2016

DOI: 10.12987/yale/9780300211672.001.0001

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PRINTED FROM YALE SCHOLARSHIP ONLINE (www.yale.universitypressscholarship.com). (c) Copyright Yale University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in YSO for personal use.date: 11 August 2020

The Subprime Challenge

The Subprime Challenge

(p.1) 1 The Subprime Challenge
No Freedom without Regulation

Joseph William Singer

Yale University Press

The subprime crisis teaches us that neither private property nor the free market can exist without regulation. Markets are defined by a legal framework that sets minimum standards for social and economic relationships. Private property is possible because law allocates property and defines the rights of owners. Regulation turns out to be essential both to markets and to property. This is true whether one is a libertarian or a liberal. The question is not whether to rely on the free market or on government regulation; that is a false choice. The question is, what legal framework for property and markets best enables us to exercise our liberties in a manner consistent with the values of a free and democratic society that treats each person with equal concern and respect and works to promote our legitimate interests? If we reframe regulation as minimum standards for social and economic relationships in a free and democratic society, it becomes clear that the liberty we cherish is entwined with law. We therefore seek, not complete freedom of action, but democratic liberty.

Keywords:   freedom, liberty, libertarian, liberal, equality, democracy, subprime, regulation, government, law, private property, owners, markets, infrastructure, philosophy, morality, theory, political

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