Via Radley. I thought he acquitted himself pretty well (in part because Stewart was clearly a friendly interviewer) but I did think there was room for improvement in his reply to the old saw about libertarians having to “trust corporations” even as they’re highly skeptical of government. Paul defrayed this with a joke about not being automatically hostile to people who make lots of money “even in entertainment.” But the real advantage markets have over political processes in most cases, I think, is precisely that they don’t rely primarily on one’s trusting the character or good intentions of the players. (Actually, even in politics, I think people tend to fall into the trap of thinking about problems primarily in terms of whether the sufficiently good and honest people are in charge, and not enough in terms of whether the institutions are set up so as to promote good behavior.) It’s important, then, that we expect corporations (and those who run them) to be constrained by competition, not their own sweet natures.