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{"source_url": "https://web.archive.org", "url": "https://web.archive.org/web/20200102131501id_/https://www.centralmaine.com/2020/01/01/commentary-fixing-the-faults-of-the-free-market/", "title": "Commentary: Fixing the faults of the free market", "top_image": "https://multifiles.pressherald.com/uploads/sites/10/2019/07/stock-market-1024x718.jpg", "meta_img": "https://multifiles.pressherald.com/uploads/sites/10/2019/07/stock-market-1024x718.jpg", "images": ["https://multifiles.pressherald.com/uploads/sites/10/2019/07/stock-market-1024x718.jpg", "https://multifiles.pressherald.com/uploads/sites/10/2019/12/13148758_20191210_SacoIndustrial1550-250x250.jpg", "https://multifiles.pressherald.com/uploads/sites/10/2019/11/AP19316733335803-e1574133606200-250x250.jpg", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/cm-icon-fixed.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/article-email-icon.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/article-print-icon.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/reddit-icon.png", "https://multifiles.pressherald.com/uploads/sites/4/2018/11/mh-small-1.png", "https://www.centralmaine.com/wp-content/uploads/sites/2/2014/06/cm-white-footer-nes.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/fb-reverse.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/tw-reverse.png", "https://multifiles.pressherald.com/uploads/sites/10/2019/12/AP19365112000074-250x250.jpg", "https://www.centralmaine.com/wp-content/plugins/lazy-load/images/1x1.trans.gif", "https://multifiles.pressherald.com/uploads/sites/2/2017/06/cm-logo.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/article-twitter-icon.png", "https://multifiles.pressherald.com/uploads/sites/10/2019/12/13533706_20191222_Canaan_Cop_Shoot_971556-e1577963514917-250x250.jpg", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/close-icon.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/article-fb-icon.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/ajax-loader.gif", "https://multifiles.pressherald.com/uploads/sites/4/2019/08/daily-headlines-bug.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/pph-icon.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/font-resize.png", "https://www.centralmaine.com/wp-content/themes/mainetoday/assets/images/youtube-reverse.png", "https://multifiles.pressherald.com/uploads/sites/10/2019/12/13549582_20191224_wharf-street_4-250x250.jpg"], "movies": [], "text": "An acquaintance and I recently made a deal: We picked out a book for each other to read to challenge our existing beliefs.\n\nHe is a hard-working person, a family man, a veteran, a Christian. He supports the \u201cright\u201d of Amazon founder and CEO Jeff Bezos to hoard $120 billion in wealth. So for him I picked \u201cPity The Billionaire,\u201d by Thomas Frank.\n\nFor me, he picked \u201cEconomics in One Lesson,\u201d by Henry Hazlitt.\n\nI\u2019ve read this sort of thing before. These books lean heavily on cyclical reasoning: growing the economy is good because economists say so, and here\u2019s how to make the economy grow, which is a good thing, because economists say so. They assume that anything that grows the economy is good, and anything that doesn\u2019t is bad.\n\nThe economy is the only thing considered. One-trick ponies like Hazlitt only seem to apply their intellect to economics. He says we need an economy that works for everyone, and we should consider consequences, but when you\u2019ve made your mind up already that the economy must grow, everything else just gets in the way of the ultimate goal.\n\nIn this way of thinking, business owners are almighty \u2014 these economists act like no other position exists \u2014and no one should stand in the way of them playing the free-market game by making more money and gaining more power and wealth, which they tell us will \u201ctrickle down\u201d to the rest of us.\n\nThe often-outdated text was first published in 1946. One can only guess what he\u2019d say about the climate crisis; I suspect he would reject the science behind human-caused climate change because it would eventually interfere with economic growth, and we couldn\u2019t possibly do that. If we were to consider what endless economic growth within a finite planet looks like, we\u2019d have changed our ways long ago, but economists value the global economy far more than they value people, the planet or happiness.\n\nFor a long time I never understood how Evangelical types could move from the inclusive socialist teachings of Jesus to the individualism of \u201cgreed is good,\u201d free-market economics, but it finally made sense to me. According to right-wingers, it\u2019s important that the magic of the free market, not societies and governments, dictate a person\u2019s health and well-being.\n\nThis sort of dogmatism has helped make clear how Christianity, despite fundamentally being nothing like capitalism, could translate so well into a separate, albeit entirely unrelated, dogmatic belief system. The invisible \u201cGod\u201d has simply been replaced with the invisible hand \u2014 the absurd notion that the magic of the free market along with the \u201crational consumer\u201d can somehow guarantee a just and equitable world.\n\nIt\u2019s pure lunacy, and that\u2019s assuming the intentions of this misguided worldview are even good in the first place. \u201cReal market worth\u201d is used in the same context in economics books as \u201cAllah says\u201d in the Quran or \u201cGod says\u201d in the Bible. Even if interpreted morally, these are myths told by humans, not unquestionable laws of nature.\n\nThe truth is, in dealing with the climate crisis, the income gap, homelessness, or health care, there is nothing to produce and no rational consumer to \u201clet the market decide\u201d our way out of these problems. Unless the people demand the government intervene, green energy will always be \u201ctoo expensive,\u201d the income gap will be \u201cjust the way it is,\u201d nothing could be produced and then purchased by the phantom \u201crational consumer\u201d to alleviate homelessness, and we\u2019ll \u201cnever be able to afford\u201d universal health care.\n\nWaiting for the magic of the free market to fix these problems is akin to waiting for thoughts and prayers to solve gun violence. Economic growth too often occurs specifically at the expense of the environment, workers, the homeless, and the sick, which is problematic if you believe economic growth is the only important thing. Institutions try to preserve the problem to which they are the solution. Because entities which stand to profit from this system also own the political process and information cycle, we\u2019re stuck in this rut until we can get more people to wake up.\n\nIt would be foolish to deny that capitalism isn\u2019t the best option if the goal is to simply grow the economy. The system has afforded progress.\n\nBut the ugly side of this experiment is emerging, primarily with the climate and class politics. The fact working people, young people, or parents subscribe to this inherently self-loathing, destructive ideology is a shame. We must change public consciousness to begin looking out for one another, preserving our environment, and within this wealthy country guaranteeing everyone a decent life opposed to endless peddling of free-market magic, individualism, and \u201cbootstraps\u201d rhetoric.\n\nWork by Hazlitt, and other economists he inspired, exists solely to move power and wealth from the many hands of the public sector to the few hands in the private sector. We must demand better.\n\nSam Shain, a teacher and musician, lives in Hallowell.\n\nSend questions/comments to the editors.\n\n\u00ab Previous\n\nNext \u00bb", "keywords": [], "meta_keywords": [""], "tags": ["Police Logs"], "authors": ["Follow On Twitter", "Email Writer"], "publish_date": "Wed Jan 1 00:00:00 2020", "summary": "", "article_html": "", "meta_description": "Work by some economists exists solely to move power and wealth from the many hands of the public sector to the few hands in the private sector.", "meta_lang": "", "meta_favicon": "https://www.centralmaine.com/wp-content/uploads/sites/2/2014/06/favicon.png", "meta_data": {"viewport": "width=device-width, initial-scale=1.0", "google-site-verification": "DT-FwcrUrXtAltcTNXUsA7tR4Ha0CLErawYbGlkpg94", "apple-itunes-app": "app-id=966680591", "description": "Work by some economists exists solely to move power and wealth from the many hands of the public sector to the few hands in the private sector.", "og": {"locale": "en_US", "type": "article", "title": "Commentary: Fixing the faults of the free market", "description": "Work by some economists exists solely to move power and wealth from the many hands of the public sector to the few hands in the private sector.", "url": "https://www.centralmaine.com/2020/01/01/commentary-fixing-the-faults-of-the-free-market/", "site_name": "Kennebec Journal and Morning Sentinel", "updated_time": "2019-12-31T15:34:38-05:00", "image": {"identifier": "https://multifiles.pressherald.com/uploads/sites/10/2019/07/stock-market-1024x718.jpg", "secure_url": "https://multifiles.pressherald.com/uploads/sites/10/2019/07/stock-market-1024x718.jpg", "width": 1400, "height": 982}}, "article": {"publisher": "https://www.facebook.com/mainenewspaper", "section": "Columnists", "published_time": "2020-01-01T09:00:53-05:00", "modified_time": "2019-12-31T15:34:38-05:00"}, "twitter": {"card": "summary_large_image", "description": "Work by some economists exists solely to move power and wealth from the many hands of the public sector to the few hands in the private sector.", "title": "Commentary: Fixing the faults of the free market - CentralMaine.com", "image": "https://multifiles.pressherald.com/uploads/sites/10/2019/07/stock-market.jpg", "creator": "@benbragdon"}, "generator": "WordPress 5.3", "fb": {"app_id": 754222714628811}, "onesignal": "wordpress-plugin"}, "canonical_link": "https://www.centralmaine.com/?p=1676522"} |
