HOW FREE MARKET PROMOTES EQUAL OPPORTUNITIES

HOW FREE MARKET PROMOTES EQUAL OPPORTUNITIES

This is 21^st century, globalization is taking its full form, and we are all connected in one way or the other, great issues of today centers on extreme poverty, maternal health, access to primary education, environmental sustainability and climate change, security (Terrorism) and most importantly inequality among people in the world.

No doubt, the gap that exists among citizens of this world in relation to income, welfare and general status are becoming wide and calls for great concern. Countless arguments, debates and various schools of thoughts blamed the inequality of opportunities On ‘Free Market’ while I agree that there exists an increasing and a rather widening gap caused by inequality in opportunities, attributing the aforesaid undesirable phenomenon to Free Market is totally objectionable.

In this essay, I will explain how free market promotes equal opportunities, drawing explicitly from the propositions of Adams Smith who laid the foundation in his classical book titled “Wealth of Nations”

The Free Market

Basically, The theory of free market is a structure in which all prices for goods and services are determined by demand and supply and there exists no barrier on the flow of those goods and services, Bearing in mind the definition of economic inequalities as defined by Wikipedia as "the difference found in various measures of economic well-being among individuals in a group, among groups in a population" Adams Smith's principles are highlighted below;

1.      Individual Right

2.      Limited Government

3.      Equal Justice Under Law

4.      Subsidiarity

5.      Spontaneous Order

6.       Property Rights

7.      The Golden Rule

From the above highlighted principles it is apparent that free market is an individualistic one, each person is accountable for his actions and responsible for his success and failure. Hence, promoting equal opportunities

Also it can be deduced clearly that a free market allow every one pursue his many options in life, notwithstanding his origin, social class or gender, autonomy of choice which is closely monitored by justice under the law. Thus in a free market equal opportunities are given, a secured competitive environment and the degree of one’s success is absolutely based on distinction, expertise and determination, also every benefits provided by a state is equal and relatively no limits to one’s ambition. The free market propositions by smith in every way supports the non-harm principle in a market operation, which is supported by the law and administered by independent judges, supports education for all ages, promotes equality by taxing people in proportion to their income

Conclusion

A True Free Market principles will not only grant an individual freedom but also be used as a powerful tool in closing the inequality. By giving a freedom of choice, opportunities are available for everyone to choose from. Noteworthy is the instances of corruption, shady deals, political nepotism, they are enemies of Free Market.

A True Free Market is not and in fact should not be seen as anti-equality but a system that promotes equal opportunities.