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Submission + - How should the market handle catastrophes? (huffingtonpost.com)

spikenerd writes: As a libertarian, I find this somewhat frothing anti-libertarian article to be interesting. It essentially blames an under-regulated market for BP's oil spill, and for failing to manage it properly. The article concludes by suggesting we stuff the well with copies of Atlas Shrugged. Of course, it is easy to dismiss the whole article for a few poor arguments, but I find myself struggling to answer this one question: If a free market really is ideal, how should it manage such catastrophes? Or else, why is this not significant? May I appeal to the high concentration of free-market-advocates in the Slashdot community to help me answer this question?
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How should the market handle catastrophes?

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Why did the Roman Empire collapse? What is the Latin for office automation?