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Reply #12: Good job!! On free markets [View All]

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Larkspur Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-25-08 02:17 PM
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12. Good job!! On free markets
Thom Hartman has it right -- there is no such thing as "free market". Markets are created by government. That's the line Hartmann uses with Liebertarians and "free market" evangelists.

I'm a basketball fan and use basketball in my disccussion of "free market". Lots of people like basketball, but its regulated basketball that makes the big $$. The NCAA for colleges governs the regulations for basketball at the college level. Not sure what is the high school and elementary school regulatory bodies. But I stick with the NCAA. I use the basketball court in my discussion of "free market" versus "regulated market". The NCAA sets the standards for the size of the basketball court that is to be used in games for teams who are members of the NCAA. Each school has to meet those standards or they are penalized. The NCAA also sets the rules of school, coaches, and player conduct and ascribes appropriate punishment for transgressions. Within those rules, coaches and players can freely create strategies and plays to win the game and entertain the audience. That's what "regulated market" is.

A "free market" is one where the largest schools set the standards and rules, rules that favor them over their opponents, especially smaller schools. The standards and rules are constantly modified by large schools so that smaller schools can not defeat them or decrease the chances of defeating larger schools but the large schools promote a propaganda campaign to delude the smaller schools and indpendent basketball fans think that small schools have a shot at defeating them.

Now some will say that the NCAA is more like my "free market" model. That may be true in some instances but I still think the NCAA rules apply equally to every member.

If my basketball scenario is not useful, then in a brief sense, "free market" = Corporate Feudalism. Global corporate feudalism is economic model that multi-national corporations want to promote.
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