Freedom Line Blog

The Weekly Standard’s Bill Kristol writes a terrific defense of market forces in selecting the next Republican presidential nominee.

Here are two choice paragraphs:

This vision should be easy for conservatives to embrace. Believers in the free market understand the virtues of competition, of low barriers to entry, and of lots of opportunities for (so to speak) price discovery. We know the superiority of spontaneous order to central planning. But too many GOP bigwigs in Washington who claim to have read Hayek have succumbed to the fatal conceit. They’re meeting nonstop trying to determine for us all now, a year before the first primary—with limited information as to relevant candidate skills and almost no knowledge of next year’s political environment—who the best presidential candidate would be.

Democratic capitalists admire Schumpeter for explaining the virtues of creative destruction. But too many donors to the party of democratic capitalism are huddling in New York this winter figuring out if there isn’t some way to short-circuit this kind of healthy—if messy, to be sure—competition among entrepreneurial candidates testing their skills and their messages. Wealthy individuals who made their fortunes by defying the odds are trying to figure out who’s the odds-on favorite to win the GOP nomination so they can cluster behind him. Businessmen who swear by the virtues of competition decry the fact that there will be lots of competition for the GOP nomination. Shouldn’t they instead welcome the competition, even encourage it by putting a little venture capital behind several nominees to see how they do? Markets work, and political markets work too. At least, they’re better than the alternative.

Read all of Kristol’s argument for robust political competition here as an antidote for the establishment and media’s tendency to call results much too early.