Free Market Ideology and Adam Smith: The Great Con Trick


Free Market ideology will fall away forever after the next one. It is horrifying (well, slightly puzzling) that those concepts still seem to be taught in some places as an "actual thing"). Reminded by someone replying to my e-mail earlier, that Schlefer was writing about this vast "misconception", or gigantic confidence trick, as long ago as 1998. No doubt the fundamentalist cash-club far right propagandists wound up their machine to denigrate him and others as dirty "Socialists".

Every single person who ever witters and squeaks excitedly about Free Markets and "Efficient Flows" of money ever again shall get a copy of this paper pinged back at them, without fail. Adam Smith himself:

By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.

The invisible hand promotes the good of society by leading entrepreneurs to invest at home rather than abroad.

Ironic? I should say so. All that "outsourcing" of work to cheap places in China and Mexico etc., simply to increase their short-term "bottom lines". Amoral slightly too greedy little boys all.

www.theatlantic.com/magazine/archive/1998/03/todays-most-mischievous-misquotation/377072/

In England, the whiff started to envelope us in the early 1980s, once the horrors of Socialist Govts had been banished with the help of a few pieces of "active measure" work here and there and the new regime had been put in place and burnished. Then the dense ill fog about Invisible Hands, the "magic" of "Free Markets" started to seep in through the cracks. Loosely explained, simplistic, pseudo-scientific so-called "equilibrium" models regularly and continually put forward by people who had little knowledge or abilities in mathematical modelling or statistics it seemed. Brash, shiny shoe smart-suit "entrepreneurs" and money industry males spotting the chances. Yes, always seemed to have the false-confidence air of old-fashioned charlatans and chancers.

As the immense levels of corruption and criminality which has increasingly prevailed inside the Tory Party and parts of The City of London become at least partly exposed. there is at least a chance of some recovery and healing to a degree of honesty and integrity. Perhaps.

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