25 thoughts on “Fred Block: The Tenacity of the Free Market Ideology

  1. I'm more of a capitalist, but, because in science fiction, there is no difference between a utopia and a dystopia, I call the socialists' world a dystopia- perfect world with a grave caveat (classic utopian / dystopian fiction).

  2. Since the 2008 crash, I find myself chuckling at any suggestion that "the free market" actually exists (beyond an idea, a theory, or on paper in various forms). A true free market includes absorbing and enduring the negative consequences involved with financial risk and/or excesses. "Moral hazard" indeed.

  3. Polanyi and Block argue that market fundamentalism is impossible. Indeed, Neoliberalism which was launched as an attempt at market fundamentalism as a way to regulate not only the economy but also all of society has collapsed in that what we have now is not driven by the market, the central tenet of market fundamentalism, Instead, as Polanyi predicted, what we have now heavily depends on the state. The stock market lives day to day, hour to hour on state interventions. Likewise business depends more on more on the state to protect its monopoly rights such as intellectual property rights, regulations that stifle competition, and laws that keeps labor in check. . . hardly a "free market." There's nothing liberal left in neoliberalism.

  4. Democracy only works properly if people educate themselves. There is a lot of good solid information online but also a lot of garbage. Buyer beware. Are there named references? Who funded the study you're reading? Industries and political organizations fund studies to further an agenda. Be careful what you buy into.

  5. I was an MBA graduate who studied fundamental market theories with full heart then worked as marketer with full belief. I have lived during the period when free market has created the best world ever up until now. Any group wants to state otherwise that more control from people in power will solve today’s problem then I have to disagree. Actually the problem is in finance and its risk without control.

  6. He never substantiates the claim that you need the state to have money. Or that one's wealth prevents someone from being wealthy. It's terrifying to hear someone say suggest the expansion of democracy and demotion of the individual will over the will of the majority should be considered freedom. This is Orwellian. The way he talks about predation being avoided by GOVERNMENT? How will it not be a form of predation when people assigned by this democracy to carry out a job use part of his budget to campaign for other contracts?
    And if democracy is imperfect as of today why would you even want it's role to be expanded or accepted? If people hated the bailouts they should hate central planning because these things are guaranteed to happen.

    You can't just ignore incentive in an economic theory wtf lol

  7. This guy and Polanyi don't think that labor is a commodity to be bought and sold. He should go down to a 7-Eleven or Lowes parking lot early in the morning and see for himself. Labor reacts to supply and demand in pretty much the same way as any other factor input does.

  8. The whole point is that the capitalist class is diametrically opposed to democratic government by the working class but not by the capitalist class.

  9. the freedom of some ppl to make a lot of money forces other ppl to work at walmart? Just call it new socialist thinking already xD

  10. Regulating themselves :
    Land : can be regulated, is NOT "happened to be here" , as we reach type 2 civilization "land" or "physical objects and space" is infinite, and creative ways can be made for example using the ocean
    Labor : can not be regulated ??? what ?
    Capital/Money : bruh central banks ARE the problem
    Pure free market economy is the sign of a high IQ civilization just as current form of govt, however flawed it is was first used/created by people with intelligence higher than that of those living in monarchy.

  11. The question remains, why was there no major paradigm shift? Why did those concepts of 'freedom' remain?

  12. Fred Block talks about the insane right wing concept of the free market utopia. This INETeconomics channel is one of the best and most progressive economics channels on all of You – Tube at the time of this writing. Check it out…

  13. Most of the INET stuff is turning into a left-wing think-tank. Johnson's pontificating is quite annoying. "thank you for formenting the critical discourse" Why does he has to sound like a parody on an academic. Surely he could have found one difficult question to the professor.

  14. Strengthening or "scaling up" democracy shouldn't mean allowing everybody to get involved in everything or vote on everything.  To me, it means that in any activity of public life, any citizen who's capable of contributing to that can get involved.  Obviously it's essential to have a fair way of deciding who's capable in a given context.  Experts in a given area can recognize each other & I think this is the foundation of a sane way to handle the assessment.  If you're not a climate scientist, your belief that the planet is cooling should have no impact on public policy.  On the other hand, if you are a climate scientist, it should be possible for you to have a place in forming related public policy.  A democracy should be able to leverage the great wealth of knowledge that exists in the citizenry, and not fall into the trap of letting idiots make a mess of everything.  There's an awful lot of room for us to improve our "democracies".

Leave a Reply

Your email address will not be published. Required fields are marked *