As it happens, I was just wondering to myself this morning how much of our present right-wing enthusiasm for our current economic system is rooted in capitalist democracy being far, far, far superior to pre-COBOL Stalinism. The true test arrives when some Asian economic model arises, one very different from our own historical model, and kicks us in the pants.
It's sad, really, that "market-based" turned into such a horrible cliche. Most of the damage was caused by so many people putting it in front of "solution" (market-based solution) when what they really meant was market-based approach.
Many don't even realize that these two phrases are different, because they've defined "market-based approach" as being the solution, as it was and ever shall be, dating all the way back to pre-COBOL Stalinism.
It is, in fact, possible to design markets—markets are a human construction—that create more problems than they solve.
Ideology is when you play epsilon-delta with an infinite sleeve of mulligans. If this market fails, that just means we need to change something and try again. Even market failures are characterized as stepping stones to progress.
Personally, I'm not willing to drink mulligan Kool-Aid. I love markets that work. I hate markets that don't. It sure would be nice at the outset if it was more obvious which was which, without greater society picking up the tab for all the hooks and shanks.