Why Free Market Ideology is Wrong

"Free Market Ideology" (i.e. unregulated markets) is at the heart of conservative ideology. This economic strategy of the Bush era led to the widest gap between huge fortunes and the fortunes of ordinary people ever. During the Bush era's experiment with this ideology, we didn't see principal libertarianism, just simple opportunism. Whether it was with the student loan scandal, the failure to regulate the environment, or failure to regulate credit derivatives which practically brought down the financial system.

Kennedy once said that victory has a 1000 fathers and defeat is an orphan. The failure of the Bush era was not just the work of one man. It was the failure of conservative ideology.

Mark Dow, who is a former staff economist at the IMF and the Treasury and now manages 2.5 Billion in assets at Pharo Management, explains that "the optimal mix of government and markets are dynamic". Free markets should exist where they can, but only up to a point so we don't have a repeat of the past. Government needs to get in, fix the situation, and then get out.

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[CaddenOnline]

25 people are Reaganomics supporters. 

[edschaeffer]

@AroundSun - No one is arguing against capitalism, just unbalanced capitalism, specifically, anarcho-capitalism. But I agree with you that "reality" has such a liberal agenda. Screw the liberals. Deny all reality.

[AroundSun]

@edschaeffer Did you know that 17.903164% of statistics are made up on the spot? Did you see the statistics from the past 300 years which prove that capitalism is responsible for the highest standard of living for the widest range of people the world has ever seen? Or did you, like most of the left, conveniently overlook that pesky little fact that stands in the way of the liberal agenda?

[jjenson2006]

@edschaeffer Corporations are in bed with government. That is NOT capitalism, it's called corporatism.

Free market capitalism isn't anarcho-capitalism. Lessez-faire means "hands off" the markets, but does not mean NO government to provide courts, police and military.

You are getting your propaganda from a hard core socialist (Chomsky), who redefines the meaning of capitalism to confuse his followers.

Adam Smith warned about how government collusion would destroy an otherwise free market

[edschaeffer]

@edschaeffer - Adam Smith's argument for markets that under conditions of perfect liberty, markets will lead to perfect equality. Laissez-faire capitalism will work properly only under these conditions. The word "free" being unregulated does not work. Only under the conditions of a "perfect market" can laissez-faire capitalism properly work. I suggest you use Wikipedia for the definition of a perfect market becuase only under these conditions can we have true competition.

[edschaeffer]

@jjenson2006 - My point doesn't change. The countries are ruled by the corporation. My point there is far more contrary evidence that anarcho-capitalism actually works. Anyone who believes that it does work can't see the monstrous evidence that it only benefits the modern-day robber-barrons. Even Adam Smith who wrote Wealth Of Nations which many "conservatives" believe the bible of free market capitalism was against wage labor. watch?v=RxPUvQZ3rcQ 

[jjenson2006]

@edschaeffer "Move to a third world country like the Congo where corporations are more powerful than governments."

Go to wikipedia and do some research on Congo before you make a silly statement like this. Especially the part where Government corruption is mentioned!

[jjenson2006]

@edschaeffer Laissez-faire Capitalism isn't Anarcho-Capitalism.

Austrian economic isn't taught in universities because government has the power over what gets taught in universities. Austrian economics condemns the government; can you not see why it's not taught in universities? Universities get subsidized by government.

Keynesian economics is all they teach in universities because it gives government the power to control the economy. This is the reason why this country is fucked!

[edschaeffer]

@jjenson2006 Laissez-faire, "Austrian" economics, or Anarcho-capitalism is not supported but any major top 25 university, nor is it required on any economic reading list at these universities because any real economist with a brain knows that these ideologies lead to complete corporate tyranny. You wanna see the "free market" in action? Move to a third world country like the Congo where corporations are more powerful than governments.

[jjenson2006]

@edschaeffer When banks were given the right to print money and CONTROL interest rates through a central bank, that was not laissez-faire Capitalism. Laissez-faire can only exist if there is sound money. Money that is backed by a commodity and floating interest rates based on market forces. Bernie Madoff was a result of the SEC and FINRA.

Glass Steagall wouldn't be needed if the government didn't guarantee loans which goes 100% against free market philosophy.

watch?v=3AJDMuMOj2U