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View Diary: The Myth of the "Consensual" Marketplace (124 comments)

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  •  Actually it's even worse. (19+ / 0-)
    "When all parties to a transaction have more or less the same bargaining power, with no great advantage on any side or with the advantages being balanced out, then and only then does the marketplace produce mutually beneficial arrangements."
    The market is never guaranteed to produce mutually beneficial arrangements. At the very best, under perfect circumstances, it can only produce mutually consensual arrangements.

    If the participants consent to doing something stupid or short-sighted, the market will still help them along to destruction.  This explains global warming and other externalities.

    •  Indeed. I merely mean that on balance (5+ / 0-)
      Recommended by:
      palantir, Chi, Kevskos, kyril, Egalitare

      the presence of consensuality tends to be mutually beneficial, with the exception of the externalities you mention - which must be corrected by other means (e.g., taxation).

      I demand that you prove you're alive.

      by Troubadour on Sun Mar 24, 2013 at 09:16:31 AM PDT

      [ Parent ]

    •  and along with that equal access to information (6+ / 0-)

      which enables all parties to make an informed choice.

      A very large part of corporate and oligarchical power is control of information... which is at least as harmful as state control of information if not worse since it is more pervasive on a day to day basis... seen and unseen.

      The whole reason we attempt to prevent insider trading in the stock market is one that we all understand and yet fail to apply in the wider economy. As weakly enforced and easily circumvented as it is on Wall street and investment banks it is open season and largely absent in the wider economy. Buyer beware trumps all the labeling laws, quality, pollution, fair lending laws, lemon laws and more. The attempts were made but all watered down, repealed, neutralized and the facts distracted from if not just made invisible.

      "Make them an offer they cannot refuse"... the Don Corleone ethos underpins our brand of free enterprise... and it works best for the corporate-sized Tony Soprano wanna-bes if the offer is made outside the awareness of those who will pay... being made to agree to a deal they don't even know is being made.

      Pogo & Murphy's Law, every time. Also "Trust but verify" - St. Ronnie (hah...)

      by IreGyre on Sun Mar 24, 2013 at 10:38:15 AM PDT

      [ Parent ]

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