July 7, 2022

If there is a market, let’s legalise and regulate it

The Economist is the world’s best news magazine. Its stylish, intelligent and well-informed coverage has made it the Bible of the global elite. “I used to think. Now I just read The Economist,” the former CEO of Oracle, Larry Ellison, once said.

Part of its appeal is its ideological consistency. Ever since 1843 The Economist has argued that aim of public policy should be to promote the market economy as the best way of achieving prosperity and democracy. A light touch of government regulation is needed only to ensure fairness and legal certainty. Thus it embodies the “classical 19th-century Liberal ideas” which made Britain, and later the United States, a bulwark of capitalism.

Whatever the merits of this ideology in framing public policy for economics and finance, it is ill-suited to questions of personal behaviour.

In principle The Economist supports all autonomous action which is either harmless (in its view) or profitable. Hence, in recent years it has thrown its considerable prestige behind campaigns for the legalisation and regulation of drugs, pornography, prostitution, euthanasia, and same-sex marriage.

And this month it has taken up cudgels in favour of an international market in surrogate mothers and babies. “Carrying a child for someone else should be celebrated—and paid”, is the defiant headline of its editorial. Given the magazine’s influence, this is a significant development. What do you think of it? 

Michael Cook
The Economist backs commercial surrogacy
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surrogacy