Really existing capitalism continues to really exist
September 26th, 2008
Views: 483
Posted by ChrisG at 12:33 pm
When it comes to the “bailouts equal socialism” debate, it’s strange how so much energy is wasted over issues that Karl Polanyi more or less resolved a long time ago.
Free markets in capital and labour don’t exist, without bringing virulent social breakdown in their wake. So wherever a stable market system endures for any length of time, it’s largely thanks to some system of regulation that locates market transactions within a moral, legal and administrative armature.
Markets exist because of political acts, not economic laws. But when a long series of attempts at bucking the system suddenly backfire and politicians (many of whom of course pretend to believe in the freedom of markets) scrabble for a solution, it’s like the first glimmer of a new revolutionary dawn for your average libertarian fantasist. Comrades, one effort more, if you would be shopkeepers!
To assert some presumptive “right of the market” to function unfettered by politics is the libertarian fantasist’s equivalent of destroying democratic government through the parliamentary system. Tomorrow, politics will declare itself non-existent, leaving inherited economic might to trump right everywhere.
To assert some presumptive “right of the market†to function unfettered by politics is the libertarian fantasist’s equivalent of destroying democratic government through the parliamentary system. Tomorrow, politics will declare itself non-existent, leaving inherited economic might to trump right everywhere.
But they do assert this presumptive “right of the market” even now, and they will continue to, will continue to be listened to and will continue to get their own way no matter what the flying fuck happens.
I think this is the most depressed I’ve been as a part-time. semi-literate and conscientious individual. This is all wrong, the bailouts, Government interference, continued market stupidity and greed. I’m impressed that you carry on in the face of such madness. Personally, and for the first time, I’m thankful I’m in Korea. Not that I am insulated from effects – the Won (One)) has devalued 33% against the pound ffs – but I just seem too far away from the daily daily to be too overwhelmed by it all. It’s all too crazy even for me.
I don’t know how you retain your calm.
Take care.
What I meant by the comment you quote is that banging on about “genuinely” free markets involves a heavy investment of fantasy, a sort of wish-desire which must never be fulfilled.
Appealing in the public arena to the alleged divine right of the market to exist is, in its logic, similar to the political strategy used by the extreme left and right in Germany in the 20s: use the institutions we have to overturn the system from within. Except in this case (and this is what I should perhaps have made clearer) the “overturning” has to remain pure fantasy. Screaming about the need for markets to remain free is essentially a strategy to secure more government intervention. ‘Twas ever thus.
I’m gonna sleep on it.
Fair enough. Sweet dreams.
For our part, I reckon we’ve got enough tinned tuna and jerky in the basement to ride this one out.