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No Freedom without Regulation – The Hidden Lesson of the Subprime Crisis - Yale Scholarship Online
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No Freedom without Regulation: The Hidden Lesson of the Subprime Crisis

Joseph William Singer


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; property law also ensures that property rights are not exercised in ways that harm the property or personal rights of others or that undermine the fabric of social life or economic prosperity. Regulation is just another word for law and, as John Locke taught there, there is not liberty ... More

Keywords: freedom, liberty, equality, democracy, democratic, subprime, regulation, law, legal, private property, property, owners, ownership, markets, infrastructure, philosophy, morality, theory, political

Bibliographic Information

Print publication date: 2015 Print ISBN-13: 9780300211672
Published to Yale Scholarship Online: January 2016 DOI:10.12987/yale/9780300211672.001.0001


Affiliations are at time of print publication.

Joseph William Singer, author
Harvard Law School