dispel the empty rhetoric of market fundamentalism/Create a Moral Economy

[Douglas Carpenter]

Creating a Moral Economy

By Fred Block, The Nation. Posted March 21, 2006.

link:

http://www.alternet.org/story/33477/

snip"Market fundamentalism -- a dogmatic belief in the power of Adam Smith's "invisible hand" to create prosperity -- survived the Republicans' electoral defeat. Clinton was pressured to put aside many of his campaign promises to conform to this orthodoxy. And when he did defy market fundamentalism by pushing for universal health insurance, he suffered a catastrophic defeat.

Market fundamentalism has ruled the country for close to 25 years. It has produced weak economic performance, corporate crime waves, government corruption and a coarsening of the culture. But the amazing thing is that efforts to hold the market fundamentalists accountable have gained so little traction."

snip:"This suggests that we could make the phrase "moral economy" serve as the organizing narrative for a revival of progressive ideas. The term has a long and rich history, but it is also shorthand for the argument that sustainable prosperity must be built on strong moral foundations. This is something that Adam Smith, one of the patron saints of market fundamentalism, understood, but it is a lesson that his contemporary followers have completely forgotten. Smith recognized that the pursuit of self-interest can only serve the common good if individuals are systematically constrained by moral sentiments"

snip:"Market fundamentalists are the utopians; they imagine that the market magically transforms everyone into angels who can be trusted to do the right thing. The moral-economy narrative recognizes that there is no "royal road," no magic formula that will produce the desired combination of prosperity, order and justice. Rather, it is through the continuous exercise of democratic self-governance that we can reform our institutions to make both the economy and the government work better to achieve our shared objectives."

read full article - link:

http://www.alternet.org/story/33477/

[K-W]

1. Free Market = Laissez Faire Capitalism

Same exact propaganda, different term.

Workers cant touch the economy because it works magically and we ignore the rich people behind the curtain.

[drduffy]

2. here is my articulate comment....

screw market fundamentalism..... and every other kind of fundamentalism.....

[Douglas Carpenter]

3. yeah, that's right.. religious fundamentalism, economic fundamentalism

political fundamentalism...is pretty much all crap

[bemildred]

4. "Faith based" economic theory.

And, as the other fellow says, fundamentally just a curtain behind which hides the same old "Fuck you Jack, I've got mine" attitude that the owning classes have clung to since antiquity.

[Democrats_win]

5. Back to the fundamentals of being HUMAN. Multi-multi billionaires at Wal-

Mart can´t give their employees raises or health benefits because Wal-Mart must remain competitive. This is what 99% of Americans have been brainwashed to believe. It has nothing to do with Wal-Mart it´s our national religion.

Our economic mindset is killing us. We´re so tired after work that all we can do is watch TV which weakens our eyes so we have to work overtime to buy a bigger TV. Problem is there´s nothing on TV worth watching. People need to use their minds to create. Stop letting the corporations make the important decisions and leaving us with choices of Grande latte verses Super Grande a la Yuk.

The resources of this nation should be used to help the people not be used to keep the people living in fear. America is seriously FUBAR.