This is nonsense. Markets are as natural as a dawn in the desert. They are as natural as the tides. They are as natural as a swirl in the clouds of a thunderstorm. And like all of these things they do not need government to exist.
In the attached essay by Mr. Marshall he makes the case that governments make markets possible, even that a “market economy” cannot exist without a government overseer. Had this not been in Bloomberg I would have completely tossed this essay aside. But it is so I won’t.
The exchange of goods is a market. Person 1 values something at X. Person 2 values that same thing at <X . They come together and person 2 gives person 1 something person 1 values at <X but person one values at >X.
Simple. I give you what you want in return for something you want less than the thing I give you. I do the same thing. A voluntary and mutually profitable (often) exchange.
That mis amigos is a market. You don’t need a government for that.
This sort of transaction was done long before there was ever any “government” to speak of. And, frankly is done far more efficiently when governments are not a factor.
I want a potato. You have a potato. I have a fish. You take fish, I take potato. You no like fish? I have rabbit. Etc.
Where we go from here is the subject of probably thousands of books and treatises and I won’t continue on. But for Mr. Marshall to assert that markets can’t exist without government is absurd. It can even be argued that some animals have markets, and also even that natural selection itself is a form of market.
If one still wishes to read the venture into economic silliness by Mr. Marshal however, one can HERE.