Usable Insight - “Free” Market Fallacy
There is a central flaw to the notion of “free market” economy. How “free” is a market when the odds favor whoever has the leverage?
The United States has been in denial of one of the main reasons a “free market” approach has worked for us for so many years, at the very least since WWII. When you are insulated from invasion (prior to 9/11), are a creditor vs. debtor nation, have market dominance and have a mindset (innovation, cooperation and collaboration), skill set (ability to carry out innovation), and capacity (infrastructure, monetary resources) that is superior to the competition, it’s easy to promulgate a free market philosophy.
However when you become a debtor nation (dependent on the generosity and vulnerable to the stern actions of your creditors), are no longer insulated from terror or invasion, and possess a mindset, skill set and capacity that is inferior to the competition. And when you are foolish enough to spend money you can’t afford to fight the enemies of a “free market” –namely terrorists and regimes that support it—when you have lost the competitive edge in a “free market” because of the above, that is a recipe for disaster and may contribute to the problems we face now.
September 29th, 2008 at 10:00 pm
The problem is that if we redistribute a major percentage of resources to society’s have-not nations and individuals, you dramatically reduce the likelihood of those resources being used for multiplicative effect: e.g., the invention of a Google, a Prius, Silicon Valley startups, private schools for gifted kids, and dear Mark, think of how your psychiatric patients would do if there were no corporate-developed medicines. Think of how cardiac patients would fare with no corporate-developed medications.
October 27th, 2008 at 7:36 am
Good post.
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