How Free Is the Free Market? - Raj Patel

Complete video at: http://fora.tv/2010/01/06/Raj_Patel_The_Value_of_Nothing

Raj Patel, author of The Value of Nothing, examines the concepts of freedom and liberty in relation to the free market economy. He suggests Nobel laureate Elinor Ostrom's notion of collaborative governance known as "the commons" may be a better alternative to resource management.

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If economics is about choices, who gets to make them? Activist and academic Raj Patel says that prices often mislead us, and he reveals the "hidden costs" of goods. To demonstrate his argument that the free market and corporations distort price and value, Patel suggests that the true price of a hamburger would be $200 if we factor in the hidden environment and health costs.

Patel offers a controversial critique of our present political system and argues that to understand our current economic crisis, we need to rethink our very meaning of democracy by re-balancing society and limiting markets. - Commonwealth Club of California

Raj Patel holds a doctorate in Sociology from Cornell University and has worked at the World Bank, World Trade Organization, and the United Nations.

He is a writer and activist concerned with land reform politics, development studies, and food sovereignty. He authored Stuffed and Starved: The Hidden Battle for the World Food System.

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[SteveXnycperformance]

FREE MARKET DOESNOT EXSIST IF ONE ENTITY IS PRINTING/CREATING THE MONEY/MONOTARY SYSTEM WITH INTEREST, FEE`S AND FRACTIONAL RESERVE BANKING.

TRUE FREE MARKET shot the middle man(bankers).

[Schrumhead1224]

Wow...so many ignorant comments!

1) If you think that Patel advocates the revival of an authoritarian socialist macroeconomy (such as the USSR or China today) here in the West, then please just get out of here.

2) He has good reason to berate our economic model. The "free enterprise" system is largely just a good tool for the rich to keep themselves rich (and to suppress the poor, even if its unconscious).

3) However, Patel calls for communal action against this wage-tyranny, and nothing else.

[9avedon]

Western free market system infected with anti-market non compete agreements , ie unions,govt. contracts,monetary interventionism-keynes/galbrai­th .Currently socialist believe let us decide, we know best,everyone wins.This a proven falsehood as market capital moves to punish socialist monetary policy.The law needs to ensure there are no secret agreements .Like it or not ,Competition in a free open market is the only thing that establishes value.

[georgecarlinspelled]

It seems like maitreya has a stuttering problem

[MsSexySocialist]

@jgoltz37

Good stance to take.

There are so many who read a little about an ideology that seems to fit them, sign up to it, but then not bother to examine the counter-arguments to their adopted position.

This seems to have become especially prevalent in the age of the internet - with two sides frequently attacking the other without any real understanding of where the other side actually stands.

Peace.

[jgoltz37]

@MsSexySocialist : Thanks again. I will check out your youtube channel and get more informed. I like to have more of an idea of what I am for or against before I make such a stance.

[MsSexySocialist]

@jgoltz37

No worries

You can actually find a pretty good resource of info on my own page which has several videos and documentaries on different subjects related to the system

The basic idea is that both the state and corporations are just two sides of the same coin as they both have monopolies on productive property and resources -and that these would be better managed in the future through a system of common pool resources (common ownership) and directly-democratic/cooperativ­e self-management

[jgoltz37]

@MsSexySocialist @MsSexySocialist Thanks for responding!! IS there a good source to read up on this concept that you would recommend? Like a website or something?It sounds interesting but would like to know more. K thanks again MsSexySocialist

[MsSexySocialist]

@jgoltz37

Saw that no-one responded to you yet but I feel your questions do warrant answers.

A) "what about the issue of natural human greed, corruption, and strife?"

These are traits that are always bound to pop up on a person by person basis, but with an economic system founded primarily on cooperation and democracy, the effects of these could be tremendously lessened.

B) "who leads as oversight of such communities?"

Everyone actually. They are run via deliberative democracy - thus no leaders

[Tougemaster06]

@SteveXnycperformance THere is no true free market. The Interest, fee's, and fractional reserve banking are apart of the free market and are necessary for it to work. Stop being utopian.

[jgoltz37]

Although he speaks with understanding of the current situation of the financial markets, he does carry with him a tone of communist thought (as he says so in the video). His ideas may be good in theory but what about the issue of natural human greed, corruption, and strife? You can change a political system, but such inherently human issue will still be manifest will they not? Also, who leads as oversight of such communities?

[g4macdad]

@dgl1962

You cannot answer even ONE of my questions. PATHETIC.