A BBC survey finds a high degree of skepticism about “free market capitalism” across 27 countries. Even in the U.S., fewer than one-quarter of respondents agreed that it “works well and increased regulation will make it less efficient”. Overall, “free market capitalism” garnered uncritical support from only 11% of respondents, while nearly a quarter agreed that it “is fatally flawed and a different economic system is needed”, and a majority endorsed regulation, reform, and redistribution to cure the inefficiencies and inequities of capitalism.
Filed under: In Dubious Battle Tagged: | capitalism, economics, politics
There is a problem in defining “free market” capitalism. Is their Free Market at all anywhere in the world? Refer to any textbook on economics, one will get a clear picture of free market definition. What we see in today’s capitalism is Monopoly Market Capitalism which is exploitative in nature. Laws are passed (limited liability companies, trade markes, patents, trade union, etc.) to bestow privileges on a group of elite class of the society. As such there is class conflict in the economy. The society is thus divided into privileged and non-privileged people.
Economists including some leading Noble Laureates are marketing the free market capitalism to save capitalists. Or may be the capitalists are getting this done as the economists, as termed by Paul Samuelson as ‘kept men’, are serving the cause of capitalists. Hence I am afraid whether the survey would serve the right purpose.