By the end of 1992, twelve European nations will indelibly alter the continent's economic realities by merging their markets and dissolving the trade barriers between them. While the primary emphasis of this new European Community is intended to be one of economics, concerns are being expressed that adoption of its Community Charter of Fundamental Social Rights - previously vetoed by then-British Prime Minister Margaret Thatcher - will ring a political death knell for optimists' lingering hopes for a free market system. Instead, there is reason to fear that it will advance the cause of socialism and universally expand the power and scope of organized labor.
This is the thesis that Dr. Charles Baird defends in this article. He criticizes the leaders of the European Community for clinging to the misbegotten belief that the charter will guide them to a middle ground between the free market system and communism. Using a market process analysis to critique the charter, he illustrates why their search for a "third way" can only create more problems than it can solve and have a negative effect on entrepreneurial discovery.