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free markets,government,regulation,markets,deregulation The State Government VS the Free MarketsThe State Government VS the Free Marketstags:In light of the global financial crisis, Australian economist Mark Thirlwell predicts a wane in enthusiasm for laissez-faire economics, in favor of greater state regulation of national markets. More videos inside the comments.
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Klein is also right; the derivatives market is a prime example of what happens when capitalists are truly left to their own devices -- a mess of hideously complex, opaque interactions that pile up until no free market actor can accurately gauge risk, reward, or value, much less make reasonable predictions about the future state of their investment.
Stiglitz is also right about corporate welfare being the real paradigm of the Bush administration, though their rhetoric had swept in some market fundamentalists too. Compromise between those two camps leads to things like the 3-page Paulson plan or the "equity injection" with no nationalization that are worse than what they'd do if they'd just been pure market fundamentalists or purely corrupt corporate socialists.
I think the real failure is that the corporate socialists didn't realize they were socialists. It's like someone told them wealth would "trickle down", as if that was some sort of law of economic gravity.
It seems that no ideology frees people from having to react to situations intelligently. They need to learn that rather than creating hard, fast rules for dealing with economics as a whole (e.g. less government is always better), they need to apply some common sense to what role government plays, and how people will really behave when left to their own devices.
I'm somewhat inclined to push for sports rule-makers take over the government. They don't seem to get into this asinine debate about "more rules" or "less rules", they just go with what works, and get rid of what doesn't, and listen when people bitch at them for getting it wrong.
I think that's how democracy is supposed to work, and for the life of me I don't know how things got so far off course.