Today the Nobel Peace Prize was awarded to an interesting entity: the European Union. I congratulate each of my European friends for winning this prestigious prize. But for next year I know of a much more important entity for promoting peace: markets. Commerce enables people from all over the world to trade with each other and create mutually beneficial relationships. Markets have done far more for peace than any political union or drone wielding Peace Prize winners.

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Edward Stringham is the L.V. Hackley Endowed Professor for the Study of Capitalism and Free Enterprise at Fayetteville State University.