What Is This “Mythical” Beast?

College of Political Knowledge

Subject:  Economics/Political Theory

The beast I speak of this that beast that rears it’s ugly head during and just after any election…….(pause here for thought)……..Free Markets!  A cute slogan that is hammered into the mind of potential voters…..hour after hour….and yet few have any idea what is meant…..

I realize that this is economics and everyone’s eyes will glaze over…….it is so much easier just to go about throwing one slogan after another without ever knowing what the f*ck you are talking about…….oh so much easier.  Back in the day my grandfather gave me great advice and when it comes to economics it is the best advice…..”Never write a novel when a paragraph will do”………K.I.S.S.

One point I would like to make is………government CANNOT be run like a business!  It is a Government NOT a business.  Got that?  And please stop using states as how the federal government should be run…..it cannot be run in the same manner…..it is a country not a state…another point you need to grasp whenever possible……

Back to the mythical beast……….

What does free markets refer to in these times?  In today’s world this is not the idea of laissez faire of the Adam Smith strain……okay……Smith believed that selfish and unrestrained pursuit of self-interest will improve the general welfare….other words greed good…..and he foresaw that there is a natural order in which government has a minimal role……..

But in today’s world……the slogan “free markets” has been moved to the forefront by good old Milton Friedman……that would be the Chicago School of Economics……good old Milty was an economic adviser to Thatcher and Reagan (go figure)…….and he became famous for his free market ideology…….say that again, professor……his free market ideology.

And his ideology consisted of opposition to taxes, dislike for “big” government.  Regulations, according to Uncle Milty,  were an insufficient imposition on markets….he saw government only needed for defense, justice and basic legislation.  He also wanted the allocation of resources left up to business and not the government……does any of this sound the least bit familiar?

These are the basic planks of every GOP presidential platform in the last 25+ years…..free markets are a slogan for a political ideology……it is not about the economy so much as about the running of the country….slogans aside…it is a political ideology and should be treated as such and not some magic pill for the reviving of the economy.

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