Last night, while you were sleeping, three guys at a hackathon in Toronto created a free market. You are probably thinking, what does that even mean? Before one can fully grasp the importance of this event a little background is in order. The free market is any trade unregulated by the state. The term black market arises from the inability of the state to see and thereby control trade, but applies equally to trade over which the state asserts no control. In a free market each exchange is a voluntary agreement between two parties.
Recent research has shown that the size of the free market globally is roughly 23% of world GDP, down from 26% in the 1960’s. The free market has been in a free fall in Asia, currently at a level of 20%. Sub-Saharan Africa, Latin America and post-socialist regions enjoy free market levels of at least 36%.
Why is the…
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