Dr Ha-Joon Chang - on Free Markets

Dr Ha-Joon Chang explains why there really isn't any such thing as a free market.

Category:

News & Politics

Tags:

• Ha-Joon Chang
• Interview
• Free Markets
• Markets
• Capitalism
• Economics
• Bad Samaritans
• Regulation
• economy interview market

[djamorpheus]

If you have a true free market, you essentially have a dictatorship of CEO's. Capitalism has no ethics.

[Alexopolux]

@glissomdr When did it use to mean that? My understanding is that the utopia "free" market was born in the heads of Malthus and Ricardo. And it explicitly meant, "free" from government intervention. That it is a dangerous utopia was already cogently explained by Polanyi in 1944. This new generation of honest economists such as Ha-Joon, Stiglitz, etc., are simply restating was it has been long before well understood.

[AboveDeception]

@djamorpheus Stupid Punk! Capitalism is regulated by the consumer in a true free market. If the consumers have morals and product knowledge, they determine the natuer of what is profitable. You wan't the state to impose morality as you don't have your own compass or a functioning brain you scum slave slug!

[FrankiePoker]

This video should destroy any argument that blames the 'free' market for the financial crises.

[FrankiePoker]

@djamorpheus Well that is simply not true. It may be the result but it is not by defintion always true.

[VirtuosicElevator]

Capitalism does have ethics. Your create a safe, affordable product or get sued

[kji02]

@arzoyan Well said!

[mason72518]

@BuddhaBebop 19th century industrialists provided products en mass at continously lower prices. Rockefeller's oil monopoly allowed him to reduce prices by 90%, making it so millions of Americans could afford to buy oil and raise their standard of living. Back then, at the beginning of the great capitalist experiment, we did not have sufficient productivity to send kids to school. They needed to work in order to eat. It is a testament to capitalism's success that they no longer have to.

[BuddhaBebop]

@djamorpheus Remember the Age of Robber Barons? Ah, those were the days, when you could employ children, pay everyone shit and make yourself stinking rich.

[allgoo19]

@mason72518 "I have no interest in continuing this."

==

Of course, because it's embarrassing, but whose fault is that?

You asked me to show you the answer? Where is it? Copy and paste it in your next reply. You have kept yourself as a knowledgeable person the subject. If you want me to give you the answer, first you admit you don't know then explain how you came up your libertarian opinion without the knowledge.

If you do, then I'll tell you.

I'm looking forward to see your reply.