Free-market ideology (neoliberalism) – the posts

Read the keystone essay: What Is Market Capitalism and Why Do We Need to Understand It?


Free-market Ideology (Neoliberalism) – the posts

Plastics and Run Amuck Capitalism
August 20, 2018

The earth is burdened by the tsunami of plastic refuse that will never degrade. Government needs to protect us from…

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kid's tricycle
Heart Stents, Tricycles, and an Argument for Consumer Protections (Regulations)
February 21, 2018

Since corporations have reason not to worry about safety and efficacy, we do need the government to represent us. Common…

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F.C. Howe quote about business rules
John Oliver and Monopoly Capitalism
February 21, 2018

Corporate concentration of income and wealth are core features of capitalism. From its earliest cheerleaders like Adam Smith, the drive…

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The New Digital Monopoly Capitalism
February 20, 2018

The new digital economy is displaying the same drive to concentration, monopolies and oligopolies, that capitalism has always displayed. Facebook,…

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Bonuses vs pay raises 1980-2108 NYTimes-01102018
Stagnant Wages, New York Times, and Unions
February 11, 2018

NYTimes reports that one-time bonuses are the preferred pay strategy vs pay raises.Mysteriously the Times leaves out the role of…

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Buffet, Bezos, Dimon
Recently Noted – Amazon, Berkshire Hathaway and JPMorgan Team Up to Try to Disrupt Health Care
January 31, 2018

These corporate giants are “disrupting” healthcare or so the headlines say. Despite the media flurry we should not expect much.…

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Structure of Jobs Is Changing Rapidly – Political System Failing to Address Issue
January 23, 2018

Shifts to contract work, losses in jobs due to automation and robots, growth in poorly paid occupations, low participation rates,…

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US manufacturing out vs employment 1947 - 2011
A Note on Jobs & Unemployment – revised
December 31, 2017

A Note on Jobs & Unemployment Original publication date – 12/27/2016; Revised – 12/31/2017 As the presidential campaign of 2016…

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Robert Reich
Recently Noted – Robert Reich: how we got into this mess and how we get out of it
December 29, 2017

Reich’s latest cartoon does a good job of describing the changes in the US economy, weaker on the underlying political…

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Deere cotton picker
Cotton and the Miracle of the Self-Regulating Market
December 19, 2017

The miracle of the automatic self-regulating market in action. During the 1930s over-production of cotton chronically ran over by 50%…

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Recently Noted: World Inequality Report 2018 – findings and policies
December 14, 2017

Inequality in wealth and income is a continuing global crisis. The World Inequality Report 2018 defines the problem based on…

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Recently Noted – John Oliver and Monopoly Capitalism
September 26, 2017

Capitalism, Monopoly, Oligopoly and John Oliver Capitalism does a number of things very well. Concentrating power, wealth and income is…

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Ultra-Processed Foods, Conquest of New Markets, Capitalism In Action
September 18, 2017

Brazil is the newest scene of massive marketing campaigns to replace local food and local diets with ultra-processed industrial foods.…

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Recently Noted – about healthcare
July 30, 2017

Recent NYTimes article broadly acknowledges what every other developed country has recognized for decades, healthcare is not a good candidate…

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Recently Noted – about free market capitalism – is capitalism the real problem?
July 14, 2017

Capitalism is driven by a single internal logic that requires the transformation of people and nature into commodities to produce…

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Capitalism and Innovation
July 5, 2017

For all of the chest beating about the bold risks taken by capitalists, the capitalist time horizon is very short…

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Healthcare and Markets – why don’t they work together?
June 26, 2017

A consistent chattering point in American discussions of healthcare is the claim that if we can only bring transparency and…

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Recently Noted – free-market capitalism
June 17, 2017

Companies must externalize as many costs as possible in free-market capitalism. Without adequate government protections you will end up with…

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Recently Noted – in free-market capitalism and US economy
June 7, 2017

Giving tax breaks to the rich and corporations has been basic to every Republican since Hoover. President Reagan piled on…

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Neoliberalism Revisited
June 3, 2017

If we want to offer an alternative analysis we need direct language that does not refer to thinking and issues…

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Naive Talk about Healthcare from Adam Davidson in the New Yorker
May 25, 2017

The solution to our healthcare problems cannot be clearer. Look at Canada, Germany, France, Japan, Australia, Netherlands, UK, Denmark, Sweden,…

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The Global Context of the US Healthcare Debate
May 14, 2017

The solution to our healthcare fiasco is first to recognize its true nature and then to face down those who…

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Regulations vs Protections – more than just words
May 7, 2017

The word “regulation” has been used as an epithet and rhetorical sledge hammer by Republicans and the centrist Bill Clinton…

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Dumping Concrete: a law of capitalism In action – a local example
May 6, 2017

Every company seeks to get someone else to pay for as many of its costs of doing business as possible.…

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United Airlines, Monopoly/Oligopoly, The Natural Laws of Capitalism
April 17, 2017

In the US four airlines control over 80% of the seats and in many regional markets the competition veers towards…

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Building the New American Economy – Not
April 5, 2017

The title of this short book, only 130 pages, Building the New American Economy: smart, fair, & sustainable by Jeffrey…

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Thoughts on Standard Economics
April 1, 2017

I’ve been looking through Paul Krugman’s textbook Macroeconomics (Krugman and Wells, 4th edition, 2015) and came on Principle #2 -…

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BEHEMOTH (BEI XI MO SHOU) at TSL Hudson
March 4, 2017

This 2015 movie by Chinese director Liang Zhao is filled with great cinematography and sounds. It trades back and forth…

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Job (Business) Killing Regulations
March 2, 2017

Ever since Ronald Reagan told us in his 1981 Inaugural Address, “Government is not the solution to our problem; government…

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The Internet and Demand Management (Advertising)
March 1, 2017

My friend Joe Keenan recently sent me an article by Vicki Boykis, “Fix the internet by writing good stuff and…

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Neoliberalism – a term that needs never to be used – Updated
February 10, 2017

Dollars and Sense has been around since the 1970s. Always a source of well researched critiques of capitalism. I recently,…

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Talk Back: Correcting the Anti-Government Bias of Our Politics
January 29, 2017

President Reagan was not the originator of this central trope of free-market (neo-liberal) politics, but he famously said in his…

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The Gig Economy in the Academy – a note
December 29, 2016

The values of capitalism, especially as expressed through free market (neoliberal) ideology, have come to dominate how we organize our…

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“Liberal”, “Progressive”, “Free Market”, “NeoLiberal” – what’s up?
November 15, 2016

A friend asked the following question of me on Facebook the other day:What’s wrong with the word LIBERAL …. This…

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Inside Goldman Sachs with the Federal Reserve
September 27, 2014

Since the beginning of the 2008 Great Recession we have hoped that the government would return to applying some real…

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Flash Boys cover by Michael Lewis
Flash Boys Doesn’t Ask the Important Question
April 7, 2014

We should demand that our financial markets serve their findamental purposes – connect investors with those who can deploy those…

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playing cards
Wall St – not about investing but fixing the game
July 9, 2013

photo courtesy of Chance Agrella, photographer An article in the NY TImes today reports ((Regulators Examining Early Sales of Financial…

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The Job Creators – Who Are They? The Rich, Really?
May 19, 2012

In recent years a standard bit of political rhetoric in the US has included references to “the job creators”. This…

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Charts from Mother Jones Illustrate That the Rich Have Won the Class War
November 19, 2011

I came on a set of graphics in Mother Jones, “It’s the Inequality, Stupid: Eleven charts that explain what’s wrong with America” that illustrate what you…

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Corporations as Persons – Freedom of Speech, now Right to Privacy – Bring on Three Strikes!
January 20, 2011

The case of the Federal Communications Commission v. AT&T ((See the NYTimes,  “Court Weighs Whether Corporations Have Personal Privacy Rights”…

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Money floating around
Religious Doubt Spreads – Free Flows of Capital Seen as Dangerous to Some
November 12, 2010

There is more evidence that the current run of religious mania about “free markets” is finally giving way to a…

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The Mortgage Debacle – Redux
October 10, 2010

The current tsunami of revelations of misbehavior, if not outright criminality, by the banking industry in their pursuit of mortgages…

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Krugman Asleep at the Wheel of History ….. the elite has not been interested for forty years…
August 2, 2010

The August 1st New York Times carries the latest Paul Krugman opinion piece, “Defining Prosperity Down”. He is depressed because…

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Free Markets – free? markets? – lessons not learned
June 6, 2010

“Free market” has always struck me as a rather strange phrase. Never more so than in this period of financial…

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Do We Need Wall St. and all the other gamblers in the financial services world?
April 20, 2010

What Is the Function of Wall St.? The global financial meltdown of 2008 – 2009 with its ongoing sequelae seems…

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How Did We Come To Consider Corporations to Be Natural Persons? – What To Do Next?
January 25, 2010

This week’s decision by the US Supreme Court to allow corporations, including unions, to hold full rights to free speech…

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Controlling Gambling by Wall St. and the Big Banks – Bad for Business?
January 22, 2010

Anti-Wall St Does Not Mean Anti-Business President Obama’s proposals to break up the “too large to fail” mega banks and…

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Manias,Panics,and Crashes by Kindleberger
Book Review: Manias, Panics, and Crashes: a history of financial crises by Kindleberger
November 13, 2009

Manias, Panics, and Crashes: a history of financial crises, fourth edition by Charles P. Kindleberger (New York: Wiley 6th edition…

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Just Another Cost of Doing Business? – Pfizer’s $2.3 billion penalty and fine
September 4, 2009

The Obama administration is touting the action taken this week against Pfizer for illegal promotion of several of its drugs.…

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Enron, Trust and Malfeasance
January 29, 2002

January 23, 2002 (revised 1/29/02) The collapse of energy giant Enron over the last six months has produced a surprising…

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Footnotes

  1. To be sure the US rank amongst steel producers has declined significantly with most of the world's steel now being produced in Asia
  2. Allan Collard-Wexler and Jan De Loecker, “Reallocation and Technology: Evidence from the U.S. Steel Industry,” Working Paper National Bureau of Economic Research, January 2013, http://www.nber.org/papers/w18739.
  3. Jane Wakefield, “Foxconn Replaces ‘60,000 Factory Workers with Robots,’ BBC News, May 25, 2016, sec. Technology, http://www.bbc.com/news/technology-36376966
  4. Angel Gonzalez, “Amazon Unveils Smart Convenience Store sans Checkouts, Cashiers,” The Seattle Times, December 5, 2016, http://www.seattletimes.com/business/amazon/amazoncom-unveils-self-driving-brick-and-mortar-convenience-store/
  5. Brick and mortar retail stores have sales per employee between a 1/4 and a 1/3 of Amazon's performance.
  6. Thanks to Elizabeth Kolbert, “Our Automated Future,” The New Yorkerhttp://www.newyorker.com/magazine/2016/12/19/our-automated-future and Daron Acemoglu and David Autor, “Skills, Tasks and Technologies: Implications for Employment and Earnings,” Working Paper (National Bureau of Economic Research, June 2010), http://www.nber.org/papers/w16082.