reply to post by projectvxn
I don't have to read Mises, Hayek, Engel, or Marx to know that their ideology, while sounding good on paper and in a speech, are unrealistic ideals.
Yes I know about the numerous attempts to create communist style economies, and their numerous failures.
What I am wondering is how much damage will continue to be done to the great U.S. economy in the foolish attempt to create free markets.
Yes, market systems are self correcting, this I believe. The market system will return to a equivalency, but depending on how badly the markets have
gotten out of balance, the return to equivalency can be extraordinarily economically destructive. The self correction will not be in a manner that
punishes the guilty and evens up the balance of wealth, nor will the correction result in a functioning and balanced market.
Most importantly, the government that enforces laws of any nation is inherently tied to the functioning of the market within that nation, and this can
not be separated.
We have corporations writing laws because the politicians who preach free market economics had those corporations write those laws. All these people
out there protesting against government, upset that corporations wrote their own regulatory laws are the same people who voted those politicians in
power. This is a huge disconnect with reality for these people to pretend they did not support that which created our current economic woes.
First of all, the term free market is an oxymoron. If it is free, it is not a market, and if it is a market, it is not free. People then say, but
you are free to participate in the markets, But only as long as you have something to bargain with. The real truth is that you don't have any choice
but to participate in the market system. Even in communist countries, people wound up bargaining for goods and services on the black market. Trading
resources, human and natural, are implicit functions of human interaction.
Market systems are not necessarily efficient, and third world nations that take up most of the land mass on the planet are proof of that.
What makes market systems efficient and allow them to flourish?
Regulation by a strong democratic state, with degrees of socialism injected into the system. This is the proven formula throughout the first world.
An evenly enforced fair set of rules that creates competitive markets is what creates the efficiency and the prosperity.
Get rid of the rules or the enforcement of the rules, and the crooks take over, which is what has happened every time politicians have attempted to
put in place a free market system. The reason they have failed every time is because free market ideology simply can not work. It is ideologically
flawed. Given the opportunity, humans will inevitably take advantage of anything and everything they can, if they believe they can escape the
consequences. That is what happens when free market ideologists eliminate the rules and the enforcement of the rules.