There is no such thing as a ‘free market’

‘There can be no “free market” without government. The “free market” does not exist in the wilds beyond the reach of civilization.

Competition in the real wild is a contest for survival in which the largest and strongest typically win. As the 17th-century political philosopher Thomas Hobbes put it in his book Leviathan (chapter 13),

“[in nature] there is continual fear, and danger of violent death; and the life of man, solitary, poor, nasty, brutish, and short.”

Civilization, by contrast, is defined by rules.

Rules create markets, and governments generate the rules.

A market — any market — requires that government make and enforce the rules of the game. In most modern democracies, such rules emanate from legislatures, administrative agencies, and courts.

Government doesn’t “intrude” on the “free market.” It creates the market.’

Robert Reich: Why Capitalism is so rotten [Part 3]

The cost of living is sky-rocketing, yet at the same time, big companies are posting massive, truly eye-watering profits. And competition? Hah. A few giant companies are pretty much calling the shots, and governments follow meekly along.

In my not so humble view, corporations are the ‘great evil’ of this era, and governments are not intruding enough. Nowhere near enough.

I strong recommend that you reach Reich’s essays as they are simply brilliant.

Meeks