The professor paces with purpose before his pupils. “Ask yourself,” he intones, “who should decide things: Private investors who can go bankrupt and are responsible for the risks they take, or the State?” A student offers, perhaps tentatively, perhaps with confidence, “Well, the State, because it wants what is good for us in the long run. The market is just about selfishness.” The professor’s steel trap of logic slams shut. “Where is this state you speak of?” he retorts. When they say, “The state should have the power to direct resources, and the market should be suppressed,” they should remember to take out “The state” and replace it with “People chosen by parties and elected by voting dominated by large corporate interests.”

“In fact,” he continues: