This faith lives on in the neoliberal portrayal of global markets as omnipotent, unknowable forces that work in mysterious ways. If that sounds like the god of capital — it is. If we believe free markets actually exist then even our critiques are offerings to its god-like power.
So the role of the regulatory state, in this argument, is to control the natural freedom and drive of the market actors. But corporate power imposes its ideology by force and often violence. It exploits people in accordance with law. This is not freedom. Corporate power is the opposite of freedom. Market ideology has always hidden authority, power and responsibility behind a screen of individual freedom and anonymous actions.
If the free market is the outcome of millions of interactions between free individuals, and no one is really in charge, well, what is wrong with that? Plenty, starting with the fact that this utopian ideal in no way describes the dominant form of capitalism in our time — if ever. And if we believe there is a free market then how do we deal with the widely held belief in the morality of the market?
Millions still believe the economy to be moral because it works like a true and transparent regulator of merit.
The good rise, the weak fall. If we accept the market as the actual basis of our economy then how can we oppose the idea that hard work is in fact justly rewarded?
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By shifting to the idea of corporate power we can make claims in keeping with day-to-day experience of the working class: work is not about freedom but instead compulsion and coercion; the economy is not based on merit but rigged to favor the powerful. The common understanding that the economy is rigged has outpaced the viewpoints offered and believed by many progressives. There is no market in pure or natural form. Instead market forces and political power interact to create the economy, in other words we have a political-economy.
Corporations were born political actors. And the corporate power, not the free market, is the only form of capitalism worth overthrowing.
The End of the Free Market: Who Wins the War Between States and Corporations?
The irony or paradox at the heart of the FMF critique is really a failure to give history its due. When societies reach this kind of end stage, the language they use to describe their own economic and political and social and cultural reality bears no relation to that reality…. The language of free market laissez-faire capitalism is what they feed business students and the wider public but it is an ideology that bears absolutely no resemblance to that reality…..
In a free market society all those companies like Goldman-Sachs would have gone into bankruptcy but we do not live in so-called free market ….
State capitalism vs free markets
Chris Hedges. So where did the free market go? Over time competition evolved into monopoly power. How else can we interpret the corporatization of war and the military and the billions in direct and indirect subsidies to corporations? Government shelters banks, guaranteeing loans and mortgages while bailing out stupid investors. Legally enforced starvation wages push workers to public assistance ultimately subsidizing their bosses.
But this history holds opportunity as well. The Fourth WaveCrisis and Opportunity. United Arab Emirates.
Now for the Bad News. China Holds the Key.
What Is to Be Done? The Private Sector.
The Winners And Losers Of Free Market Capitalism
Speak Up for Free Markets. Dont Close the Door on Trade. Dont Close the Door on Investment. Dont Close the Door on Immigrants. Pick the Right Fights. Keep Investing in Hard Power. Mutually Assured Economic Destruction. The Rise of a New System. A Brief History of Capitalism. About The End of the Free Market Understanding the rise of state capitalism and its threat to global free markets The End of the Free Market details the growing phenomenon of state capitalism, a system in which governments drive local economies through ownership of market-dominant companies and large pools of excess capital, using them for political gain.
Also by Ian Bremmer. About Ian Bremmer Ian Bremmer is the president and founder of Eurasia Group, the leading global political risk research and consulting firm. Product Details.
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