Interviewer: Professor Schwartz, thank you very much for sparing the time to speak to us today.
We're going to be exploring the nexus between politics and business in the free market.
My understanding is that you're clear in your opinion that
unbridled free market capitalism cannot deliver what is good for society.
The answer you and others with similar views propose is regulation.
Is that first of all the correct summary?
Prof. Schwatrz: Yes, it is the correct summary.
I'd be happy to help to try to explain why I think that.
Interviewer: Before I ask you to explain with reference to particular industries
if you can, can I just confirm,
do you agree that once we have enforceable regulation that is law,
the issue becomes: what should be regulated, why, by whom, how and when?
I'm looking to understand your thinking on those questions,
is what I've now proposed correct?
Prof. Schwartz: Oh yes, I think that's exactly the issue.
Interviewer: Okay, excellent. Well, we're on firm ground here. Let's see.
Before going forward from here,
would you agree with interactions of what are effectively three markets:
commerce, which pursues profits;
politics, which in a democracy is the pursuit of votes;