Republicans should move from pro-business to pro-market

That is what Luigi Zingales writes in yesterday's Investor's Business Daily. Arnold Kling calls it going Jeffersonian.

Zingales's argument is based on the following premises:

1) There is a difference between being pro-business and being pro-market.
2) The Republican party is not a pro-market party right now.

He then writes:

Now the financial crisis has created significant discontent. In a survey taken last December, 60% of Americans declared themselves "angry" or "very angry" about the economic situation. If Republicans ignore this popular anger, as the party establishment did last autumn, they leave a powerful and potentially disruptive force in the hands of Democrats. The Democrats could channel popular anger into protectionism, 90% tax rates and onerous new market constraints.
In Republican hands, populism could become a strong force for positive change.

Read the whole thing. In my opinion, this is the only way forward for the GOP, and is why I think that a Romney nomination might be the real catastrophe for the GOP.