In chapter 1, I made the analogy between a free market with effective rules and a wheel that can rotate freely because it has an axle and well-oiled bearings. I could have been paraphrasing the iconic free-market economist Friedrich Hayek, who in his 1944 free-market manifesto The Road to Serfdom wrote, “There is, in particular, all the difference between deliberately creating a system within which competition will work as beneficially as possible and passively accepting institutions as they are.”
