Libertarians have their unique perspective on things. They don’t mean the same thing like us, when they say ‘free market’. By definition, free market refers to an economy that’s purely driven by demand and supply. It involves little to no intervention from the government. Based on its political and legal setup, a free market can range between a fair economy to even a black market. Libertarians do favor a free market setup, that empowers everyone. There shouldn’t be too much monopolization going on. Bigger market players can exist, but they should have no say over your business, according to a libertarian.
True Libertarian free market economy
Let’s make it very clear. There is no country that follows an entirely free market economic model. Countries that allow free market setup to greater extent like Singapore can’t be exactly called Libertarian. The effects of a benevolent Dictator ruling these lands effected an authoritarian setup. Socialist countries like Norway or Sweden don’t present a free market at all. The US capitalism is in no way a free market since the nationalist initiatives. The citizens have no say over the type of taxes being levied upon them, once ‘nationalism’ policies started winning polls. A nice balance between complete libertarianism, and free market is hard to be struck.
Switzerland is almost there..
A country that comes close is Switzerland. Libertarians can love the cheerful, gun-owning Swiss. Needless to say, its a true free market like Singapore. It is the fourth freest economy on the planet. The countries beating it on the list are Hong Kong, Singapore and New Zealand. Hong Kong being the freest economy in the world is still not a libertarian free market economy. We will explain such an utopia later. Moreover, Hong Kong is a Chinese special administrative region nonetheless. The free market economy that worked well for Switzerland, saves it from falling into the historical list of pure libertarian disasters.
Free and federal..
Swiss enjoy the 9th highest per capita income globally. Their free market allowed the economy to grow much faster. They also occupy a top 10 position in highest media income globally. The average Swedish household is richer than an average American household. Their government spending is amongst the lowest in OECD countries. The are truly a federal and decentralized state. The central government accounts for only 15% of the spending. They haven’t been in wars since 1985. That’s the impeccable level of neutrality they maintained for over two centuries. Switzerland seldom bothers you, but it would be a blunder to mess with it.
An impossible utopia…
Switzerland is a place, libertarians will like for more reasons. It has a high gun ownership rate and a low homicide rate as well. Marijuana is not criminalized here. It is easily amongst the happiest countries in the planet. The libertarian country follows a freest market economy in the world. Nevertheless it still wouldn’t be a libertarian free market utopia. When people do things together, eliminating a central authority there, they in turn become an authority. Large number of people cannot work together if things are way too flexible.