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View Diary: What's wrong with free market economy (15 comments)

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  •  OK, just a bit long, but ... (1+ / 0-)
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    I don't know if you've read Adam Smith, but you should, simply because the two of you would get along famously. Many of the points that you raise as questions, and many of the approaches you suggest as possible alternatives resonate well with what Smith wrote. To understand the Wealth of Nations, however, it is imperative one read his Theory of Moral Sentiments first, otherwise he is too hard to understand, leading him to be one of the top misquoted and misunderstood writers in history.  But, that's not my point ...

    Property is, at best, problematic. I suggest reading Proudhon's What is Property closely. You'd find lots and lots of material to build up your argument against the general (non-sensical) libertarian positions. (They also negate much of what free-marketeers advocate for both are built on property rights being prior and superior to human rights. This is merely a position, but one that is more than worth debating. The question is, "Why is property more important than people?"

    Finally, there is no such thing as a "free market". Capitalism (in all its variations) talks about it, but it doesn't practice it. All the Randians and neo-liberals who rant about it are blowing smoke, for there is no such thing ... at least there is none in existence today. Because:

    If we had a free market, there would be

    1. zero subsidies for any business;
    2. no tax breaks or exemptions for any businesses;
    3. no use of public resources (water, energy, infrastructure) without proper payment;
    4. no bailouts, no too-big-to-fail, no government intervention when things go bad.

    All of these practices restrict the freedom of the market, for they influence in significant ways what businesses do and why. If it were just about their products and services and not about what extra benefits they might accrue for certain products or services, we'd be a step closer.

    We're not anywhere near that, and all the libertarians, all the free-market fanatics, all the neo-liberals ... well, they are simply hypocrites, for they practice nothing of what they preach.

    None are so hopelessly enslaved as those who falsely believe they are free. -Johann Wolfgang von Goethe

    by achronon on Sat Feb 16, 2013 at 09:55:13 AM PST

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