Sarkozy: market truths

Nicolas Sarkozy’s anti-market rhetoric is misconceived. The French president used his address in Davos to blast the untrammelled free market. While the economic crisis has certainly exposed deficiencies in financial capitalism, this is largely because market forces were too weak rather than too strong. Sarko had some easy targets. Top of the list were bankers. Their «heads-I-win, tails-you-lose» pay practices are an outrage. But these are not the result of the free market operating properly. The...