#THREAD
Like religious fundamentalism, free-market fundamentalism is a cancer on the earth, its proponents ideological extremists.
The BIG LIE of the twenty-first century is that deregulated free-market capitalism is our salvation, rather than our perdition.
Like religious fundamentalism, free-market fundamentalism is a cancer on the earth, its proponents ideological extremists.
The BIG LIE of the twenty-first century is that deregulated free-market capitalism is our salvation, rather than our perdition.
Nobody alive today has ever - or ever will - live in a purely free-market society.
Everyone on earth lives in countries characterised by a mixed economy, where markets coexist with government intervention, necessary to protect citizens from the cancer of free-market capitalism.
Everyone on earth lives in countries characterised by a mixed economy, where markets coexist with government intervention, necessary to protect citizens from the cancer of free-market capitalism.
It's at this point that free-market fundamentalists & proponents of the BIG LIE start talking about communism or socialism, as though any purely free-market society has ever existed - it hasn't, anywhere, ever. These are usually idiots, often paid to protect an unethical system.
In mixed economies, market principles of private contracting are combined with socialist principles of state ownership, regulation, & planning, primarily to protect citizens from the dangerous, exploitative & brutal tendencies & excesses of unrestrained free-market capitalism.
There are significant disadvantages inherent in a free market economy, obvious to children, but not, it seems, to many adults:
Since profit maximization is always the single biggest motivation for corporations, they inevitably reduce their costs unethically, by cutting corners.
Since profit maximization is always the single biggest motivation for corporations, they inevitably reduce their costs unethically, by cutting corners.
Profit maximisation incentivises unethical behaviour such as polluting the environment or exploiting workers. Govt intervention is supposed to limit these harms, but Govts full of unethical free-market fundamentalists, like the current UK Govt, actually encourage this behaviour.
Under a purely free-market capitalist system, goods & services that are not profitable will simply not be produced or run, which is why rural transportation, postal services, & hospitals have been decimated in recent decades. The poor would simply have to do without healthcare.
Large corporations dominate certain markets, even where there is some competition.
This allows them to maximize their profits by exploiting suppliers (by squeezing their prices down), workers (lowering working conditions) & consumers (by charging higher selling prices).
This allows them to maximize their profits by exploiting suppliers (by squeezing their prices down), workers (lowering working conditions) & consumers (by charging higher selling prices).
Amazon is guilty of such practices in the book industry, where they dictate unfair terms to publishers.
Large companies dominate due to economies of scale: they can beat or buy up smaller companies simply for their size alone, rather than for the quality of their product.
Large companies dominate due to economies of scale: they can beat or buy up smaller companies simply for their size alone, rather than for the quality of their product.
Certain members of society will not be able to undertake paid work, such as some disabled people, full-time carers, or people who lack suitable skills.
In a free market economy, they are 'left behind' by the economy at large &, without sufficient income, fall into poverty.
In a free market economy, they are 'left behind' by the economy at large &, without sufficient income, fall into poverty.
Without an ethical government, these individuals are not just unsupported, but scapegoated & demonised, & crime, behavioural problems & inequality can all spiral: a few people live in luxury while others cannot pay their way, get enough food, access basic shelter, & so on.
When a free-market economy spins out of control, as it inevitably does, the consequences are catastrophic for millions of people, through no fault of their own.
From the Great Depression to the global financial crash of 2008, market failures devastate societies & lives.
From the Great Depression to the global financial crash of 2008, market failures devastate societies & lives.
Many of these catastrophic failures stem from those seeking short-term profits over slow & steady gains, usually aided by loose credit, highly-leveraged assets & minimal Govt intervention.
And they nearly always get away with their dangerously irresponsible unethical behaviour.
And they nearly always get away with their dangerously irresponsible unethical behaviour.
It is increasingly obvious that deregulated free-market ideology, of the kind preferred by the current UK Government, has had catastrophic consequences for millions of people in the twenty-first century, with seemingly no discernible negative consequences for those responsible.
Free-market fundamentalism has resulted in austerity, polarisation, rising inequality & poverty, low-paid insecure work, devastation of public services, unpreparedness for the pandemic - which alone has cost 150,000 lives so far - & the cataclysmic consequences of climate change.
Free-market ideology, pushed by its misguided, sociopathic & dangerously irresponsible proponents, has resulted in, & continues to result in:
Endangering life
Serious disruptions
Serious damage to property
Serious harm against people
Serious risk to the public’s health & safety
Endangering life
Serious disruptions
Serious damage to property
Serious harm against people
Serious risk to the public’s health & safety
Consequently, imho, free-market fundamentalism fulfils the UK definition of terrorism given in the Terrorism Act 2006:
an “action or threat designed to influence the government or intimidate the public. Its purpose is to advance a political, religious or ideological cause.”
an “action or threat designed to influence the government or intimidate the public. Its purpose is to advance a political, religious or ideological cause.”
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