117. Is free market fundamentalism bad for your health?
Free
market fundamentalism is a fast spreading philosophy (cult might be a more
appropriate noun) built on a specific interpretation of Adam Smith and David
Ricardo by Frederik Hayek and Milton Friedman. It prioritises individual
freedom and decision making above all else, it believes against significant
evidence on the market behaving perfectly to optimise outcomes in the absence
of interference and, as a result, it aims to minimise, or even eliminate, the
size and influence of the state apparatus. Fundamentalist practitioners put
their ideology above all else, including practicality. The consequences of this
at a time of difficulty such as the coronavirus pandemic have been devastating.
The US, Brazil and UK are topping both the free market fundamentalism tables
and the coronavirus catastrophe tables (as they also did with the 2008
financial implosion). Totally free markets may be good for good times, but they
once and again prove to be completely inadequate in difficult times
Length: 995 characters
Comments