After reading this article and many others like it, I have to ask: why are these people blaming free markets?
Is it just that his idea of a free-market is totally blameworthy?
What does free market even mean? I was under the impression that it meant there was no government regulation or intervention. If this is the case, how can it be blamed for the current problems?
Few understand what the free market is, or how the market works.
Simple: it's easy. Complex systems like it are not easy to comprehend, so it's easy to blame that which one does not understand.
-Jon
Freedom of markets is positively correlated with the degree of evolution in any society...
Duckspeak.
"You don't need a weatherman to know which way the wind blows"
Bob Dylan
Mr Jones: After reading this article and many others like it, I have to ask: why are these people blaming free markets? Is it just that his idea of a free-market is totally blameworthy? What does free market even mean? I was under the impression that it meant there was no government regulation or intervention. If this is the case, how can it be blamed for the current problems?
Many people, especially those in media or other left leaning organizations, believe that the economy is free market, neglecting to realize the social policies they have striven for that have actually taken the free out of the market. These people blame the free market, because it advances their goal of forward marching socialism.
One thing I learnt at my mother’s knee was that the great crash of 1929 was the result of human error. Understanding it was, as JK Galbraith wrote, “the best safeguard against its recurrence”. Yet it recurred, and by last Thursday the motto on the American dollar, In God We Trust, had been rewritten. Since the Almighty had carelessly omitted toxic derivatives from the Ten Commandments, trust should now be placed in the Federal Reserve.
Irony.
Never again let it be said that something “can’t be done” by government.
Never again? Again?! It's never even been said once, at least not in this case.
Now the greatest nationaliser in the free world is a right-wing Republican president, George Bush. He is the biggest spender of taxpayers’ money in peace-time.
Peace time? I thought we were at war with 2 countries? [Note: I'm not trying to defend Bush here]
The crash of 2008 has not spelt the end of capitalism but has proved, as did the shock of 1929, that capitalism, like any system of human behaviour, needs policing.
Let me get this straight. Are you implying that capitalism prior to this event didn't have policing? You're not making sense here, Jenkins.
Money does not answer to the mathematical models that obsessed, and ultimately blinded, the old economists. It answers to the crooked timber of mankind and therefore needs rules, and rule-makers, clever enough to work with its grain.
According to you, those rules and rule-makers have failed so far. Why then should we put trust in them again?
Just as there are things diplomacy cannot do without calling on armies, so there are things markets cannot do without government.
Yes, it truly is regrettable the market doesn't coerce.
Anyway, I could go on but this is pathetic. I think I've driven the point home: this guy doesn't know what the hell he's talking about, he's an outright propagandist, it's unfortunate he writes editorials, and it's unfotunate people are actually listening and agreeing.
You know, another thing that get's me about this crisis is that greed is blamed (as seen above). This is what Lawrence White has to say about greed:
On greed, let me repeat: If unusually many airplanes crash during a given week, do you blame gravity? No. Greed, like gravity, is a constant. It can’t explain why the number of crashes is higher than usual. And let me add: This isn’t a morality play. What we’re seeing are the consequences of monetary-policy distortions of interest rates and regulatory distortions of incentives, amplified in some degree by private imprudence, not the consequences of blackheartedness.
To answer the OP, it's just fashionable and simple to blame the free market. Besides, it gives people the opportunity to give their solutions to the problem, most likely more tinkering. And after that tinkering fails, they can proceed to still blame the free market while offering even more tinkering. This process, unfortunately, never ceases.
I was under the impression that it[the free market] meant there was no government regulation or intervention. If this is the case, how can it be blamed for the current problems?
February 17 - 1600 - Giordano Bruno is burnt alive by the catholic church. Aquinas : "much more reason is there for heretics, as soon as they are convicted of heresy, to be not only excommunicated but even put to death."
Jonathan: Many people, especially those in media or other left leaning organizations, believe that the economy is free market, neglecting to realize the social policies they have striven for that have actually taken the free out of the market. These people blame the free market, because it advances their goal of forward marching socialism.
What I have found oddly enough- is that some people on very left leaning places like crooksandliars.com will say that the "free-market" is a myth and that we've never had one. But then they go on to blame the free-market for our economic problems anyway, and hold Bush to be responsible for "Freeing up" the markets for some reason. Debating those types gets especially infuriating.
People blame the free market because they have no idea what the free market is. People fear what they don't understand, and villify what they fear.
Pro Christo et Libertate integre!
Because words no longer retain their meaning. Look at libertarian which now means Bob Barr, or freedom which means the ability to vote (how I benefit from voting I've yet to be told, but I belive it has something to do with those stickers). I just realized the belief that voting is right because we have some duty to do it is based off of Kantian ethics. Voting has become a categorical imperative to some people. This doesn't necessarily reflect negatively on Kant, and I doubt your average voter even knows who Kant was, but it is kind of interesting.
It's rather simple, the free market is an easy target and also has become a fashionable scapegoat. Many politicians realise people dont understand what the free market is so it is easy to make people turn against it without people understanding THAT THEY ARE IN FACT THE FREE MARKET AND IT ONLY WHEN GOVERNMENT INTERVENES IN THE PROCESS THAT THERE IS ANY DISTURBANCE. As far as Hollywood goes, it's always be a national past time for wannabe artist to blame captilism and idolise "humane" socialism, many of these "artists" have thier heads stuck up their asses.
"I was under the impression that it meant there was no government regulation or intervention. If this is the case, how can it be blamed for the current problems?"
Here's a revealing snippet from Jenkin's article: "Just as there are things diplomacy cannot do without calling on armies, so there are things markets cannot do without government."
With this alone, Jenkins rejects the very notion of free market economics. How he and others blame free markets actually is worth a chuckle or two. First, they treat the free market as a monolith. As we know, the free market is anything but. He goes on to list the usual targets, Wall Street ("tuxedo Talibans") and banks. [Well, Mr. Jenkins, I'm sorry to break your bubble but the free market is much more than what you perceive as the guilty greed-mongers you are inclined to portray.] The free exchange of goods and services occurs on a regular basis with you, me and others. Certainly, the mammoth investment firms are part of that mix but let's not confuse the free market with the stock market, commodities market, or plug-in-your-industry-here market.
Simple.
Always blame freedom.
Whenever a massacre occurs in a public setting, it is always because we don't have enough gun laws. If the government is running a deficit, it's because taxes aren't high enough. When students fail in public school, it's because we need more "education reform" and unfunded mandates from Washington, D.C. When people are offended by the content on television, they don't get off their lazy butts and get a hobby; they turn to the FCC to talk some sense into the broadcasters. When there is a lack of competition in an industry, we don't look for ways to lower the barriers to entry; instead we tie them up with even more red tape. Whenever there is some new disease discovered, there are calls for more regulation, more mandatory vaccinations, more government funding. Nothing is mentioned about health problems caused by mandatory water fluoridation, vaccines, and government-approved drugs. Whenever there is any problem, the TV talking heads ask, "What should the government do about this?"
A lot of people go through life thinking that life would be so much easier if only they were in charge. This underlying fallacy affects the way they think, how they solve problems, and how they vote.
"As long as there are sovereign nations possessing great power, war is inevitable."
People blame the free-market in the same way they blame other races for their problems. At some point, it became less fashionable for certain races to be blamed, & at some point, it will become tiresome for people to blame the free-market, probably when everyone is too busy surviving the recession & depression, & ultimately fall upon free-market principles (without even realizing it) to better their situation (even if simultaneously possible consenting or supporting anti free-market principles).
"Look at me, I'm quoting another user to show how wrong I think they are, out of arrogance of my own position. Wait, this is my own quote, oh shi-" ~ Nitroadict
I think people blame the "free market" because they do not know what it means to be free. That is the ultimate thing that they do not understand -- coupled with a cultured sense of snobbish irresponsibility which, I would posit, makes their ignorance all more acceptable to themselves.
My observations are that most people who blame the "free market" come from afluent western nations. They are used to socialized comforts and institutionalized statism. For them, the "free market" is simply the current state of political affairs. Thus, when it fails them, they blame it on the "freedom" they think they have without realizing that the current state of affairs is a double-edged sword.
If you went to a third world nation that was suffering under crony-capitalist oppression, I highly doubt that those poor people would say "It is the free market's fault!" if you asked them. They would probably cut through all of the socialist crap and point directly to their oppressors -- if they were not terrified to speak. They know damn-well that their problem is because their freedoms are being violated.