The Market: A Paragon of Virtue
Myths die hard. Just as there are no unicorns, there is no free market. The myth is propagandized by its beneficiaries, i.e., the rich and powerful, the 1%. The oft-repeated line is the market is some neutral entity which fosters competition and people benefit as prices come down. Reality is slightly different. We don’t have a really free market because there is massive government intervention to prop it up through bailouts and subsidies, tax breaks and loopholes. The system generates more and more monopoly and concentration. Attempts at regulation are non-existent or are so watered down as to be virtually meaningless. The market as a paragon of virtue? Heard of secret deals and insider trading? The crucial question: how do we create an economy which is responsive to people’s needs, meets social goals of equality and protects the environment?
Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts in Amherst and currently a visiting professor at the New School in New York. The New York Times calls him “America’s most prominent Marxist economist.” He is the author of numerous books including Democracy at Work, Capitalism’s Crisis Deepens and Occupy the Economy with David Barsamian.