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tsuomela : free-markets   66

How bosses are (literally) like dictators - Vox
"Elizabeth Anderson is the Arthur F. Thurnau Professor and John Dewey Distinguished University Professor of Philosophy and Women's studies at the University of Michigan. She is the author of Private Government: How Employers Rule Our Lives (and Why We Don’t Talk About It (Princeton University Press, 2017)."
book  excerpt  business  government  power  labor  work  freedom  free-markets  markets-uber-alles  ideology  capitalism 
july 2017 by tsuomela
Anderson, E.: Private Government: How Employers Rule Our Lives (and Why We Don't Talk about It). (Hardcover)
"One in four American workers says their workplace is a "dictatorship." Yet that number probably would be even higher if we recognized most employers for what they are—private governments with sweeping authoritarian power over our lives, on duty and off. We normally think of government as something only the state does, yet many of us are governed far more—and far more obtrusively—by the private government of the workplace. In this provocative and compelling book, Elizabeth Anderson argues that the failure to see this stems from long-standing confusions. These confusions explain why, despite all evidence to the contrary, we still talk as if free markets make workers free—and why so many employers advocate less government even while they act as dictators in their businesses. In many workplaces, employers minutely regulate workers' speech, clothing, and manners, leaving them with little privacy and few other rights. And employers often extend their authority to workers' off-duty lives. Workers can be fired for their political speech, recreational activities, diet, and almost anything else employers care to govern. Yet we continue to talk as if early advocates of market society—from John Locke and Adam Smith to Thomas Paine and Abraham Lincoln—were right when they argued that it would free workers from oppressive authorities. That dream was shattered by the Industrial Revolution, but the myth endures. Private Government offers a better way to talk about the workplace, opening up space for discovering how workers can enjoy real freedom."
book  publisher  labor  work  free  free-markets  freedom 
march 2017 by tsuomela
The Power of Market Fundamentalism — Fred Block, Margaret R. Somers | Harvard University Press
"What is it about free-market ideas that give them tenacious staying power in the face of such manifest failures as persistent unemployment, widening inequality, and the severe financial crises that have stressed Western economies over the past forty years? Fred Block and Margaret Somers extend the work of the great political economist Karl Polanyi to explain why these ideas have revived from disrepute in the wake of the Great Depression and World War II, to become the dominant economic ideology of our time. Polanyi contends that the free market championed by market liberals never actually existed. While markets are essential to enable individual choice, they cannot be self-regulating because they require ongoing state action. Furthermore, they cannot by themselves provide such necessities of social existence as education, health care, social and personal security, and the right to earn a livelihood. When these public goods are subjected to market principles, social life is threatened and major crises ensue. Despite these theoretical flaws, market principles are powerfully seductive because they promise to diminish the role of politics in civic and social life. Because politics entails coercion and unsatisfying compromises among groups with deep conflicts, the wish to narrow its scope is understandable. But like Marx’s theory that communism will lead to a “withering away of the State,” the ideology that free markets can replace government is just as utopian and dangerous."
book  publisher  economics  free-markets  markets  markets-uber-alles  critique 
september 2016 by tsuomela
Jedediah Purdy for Democracy Journal: The Roberts Court v. America
How the Roberts Supreme Court is using the First Amendment to craft a radical, free-market jurisprudence.
law  supreme-court  regulation  government  federal  markets  capitalism  constitution  markets-uber-alles  free-markets  free-speech  first-amendment 
april 2012 by tsuomela
Welcome to the Age of Dilemma - Umair Haque - Harvard Business Review
"But what if all the dilemmas above are really different faces of the same beast? It's a deeper dilemma that I call, in my book, the Capitalists' Dilemma. We've reached a place where generating more of the same old "prosperity" requires more and more economic harm — real and relentless damage to people, communities, society, nature, and the future, whether in the form of McJobs, rising inequality, chronic mass unemployment, declining trust, or a missing sense of personal meaning."
capitalism  free-markets  neoliberalism  future  growth  economics  prosperity 
february 2011 by tsuomela
Making Light: ...or assuredly we will all hang separately
"The *normal operation* of economic markets makes some people poor. Not because they are lazy, or fail to take initiative, or lack foresight, or have insufficient gumption and moxie. Just because."
economics  poverty  unemployment  work  labor  capitalism  free-markets 
february 2011 by tsuomela
Homicide rates linked to trust in government, sense of belonging, study suggests
"When Americans begin routinely complaining about how they hate their government and don't trust their leaders, it may be time to look warily at the homicide rate."
violence  homicide  murder  crime  sociology  economics  capitalism  neoliberalism  free-markets 
january 2011 by tsuomela
A Tale Of Two Capitalisms: Research Into Homicide Rates And The Link To Political Economies
"Dr Steve Hall and Dr Craig McLean, claim in the latest international journal Theoretical Criminology that homicide rates are significantly higher in nations in neo-liberal politics where free market forces are allowed free rein, such as the USA, but are significantly lower in nations governed by social-democratic policies which still characterise most Western European nations."
violence  homicide  murder  crime  sociology  economics  capitalism  neoliberalism  free-markets 
january 2011 by tsuomela
The Great "Whither Libertarians" Debate | Politics | The American Scene
If what libertarians are interested in doing is shifting the national conversation, they could do the most good by organizing people who are not culturally liberal but who value freedom into opposition to military spending and the cult of national security. If Brink Lindsey and, say, Andrew Bacevich got together to say: listen: moving the national conversation on the security state security and our military posture matters more to freedom today than keeping taxes low, and matters more to each of us than stuff we disagree on like immigration and gay marriage – that would get noticed.
politics  military-indusrial-complex  libertarian  freedom  free-markets  ideology  priorities  civil-liberties 
july 2010 by tsuomela
The Market Confidence Bugaboo - Project Syndicate
Similarly, it would be nice if markets would clarify what they mean by “confidence” so that we would all know what we are really dealing with.

Of course, “markets” are unlikely to do any such thing. This is not just because markets comprise a multitude of investors and speculators who are unlikely ever to get together to publish a “party program,” but more fundamentally because markets have little clue themselves.
markets  free-markets  confidence  economics  ideology 
july 2010 by tsuomela
How Supposed Free-Market Theorists Destroyed Free-Market Theory « The Baseline Scenario
The greatest lesson from the crisis that we haven’t yet learned is that “industry interests” and “free-market interests” are not the same. In fact, they are more like oil and water, as the industry profits most in the absence of true market competition. And so it should be no surprise that Wall Street has devoted itself to making contracts indecipherable, building boundless negotiating leverage and fighting for favorable breaks and regulation at every turn. What should be a surprise is that the same scoundrels that killed our markets (and also, mind you, wrecked the global economy and demanded taxpayer bailouts) have so ably sold themselves as natural heirs to von Hayek ­and Friedman — and that so many of us have let them.
economics  crisis  finance  regulation  free-markets  ideology  contracts  law  obscurity  understanding 
january 2010 by tsuomela
The dread word “competition”… « Check Your Premises
Competition, therefore, is not the crux of the problem. The crux of the problem is profit-seeking and power-seeking. Without these elements, competition ensures that the workers act in the direction of general welfare (the so-called “invisible hand”). But when they are not removed, they ensure that competition steers economic activity towards those avenues which bring the most money and power in, regardless of them being peaceful or coercive, honest or dishonest. And the bigger the economic agents, or the bigger the outside sources of money and power, the less incentive they have to be peaceful and honest.
competition  capitalism  philosophy  ethics  behavior  markets  free-markets 
december 2009 by tsuomela
Can Citigroup Carry Its Own Weight? - Series -
OVER the past 80 years, the United States government has engineered not one, not two, not three, but at least four rescues of the institution now known as Citigroup.
banking  government  bailout  regulation  wall-street  free-markets 
november 2009 by tsuomela
Who Is IOZ?: Renouncing Libertarianism Is Cuter than Kittens Riding on Puppies In Wagons Pulled by Miniature Ponies
Libertarianism is the plaything of cossetted white Americans. That is a fact. In its relentless insistence on state-supremacy, it commits precisely the sin that Kerry identifies: it reifies that which it claims to seek to undermine. It is narrow and parochial, American. What has libertarianism got to say about life within failed states, or clerical democracies, or about Japan, or China, or Myanmar, or Nepal, or occupied Palestine, or Israel, or South Africa? What has it got to say about the construction of community, the nature of cooperative endeavor in the absence of coercion? Most libertarians aren't even willing to accept that property, their central fetish, is itself a cultural artifact, not a constant of nature.
libertarian  ideology  free-markets  freedom  politics 
october 2009 by tsuomela
Capitalism After the Crisis
We thus stand at a crossroads for American capitalism. One path would channel popular rage into political support for some genuinely pro-market reforms, even if they do not serve the interests of large financial firms. By appealing to the best of the populist tradition, we can introduce limits to the power of the financial industry — or any business, for that matter — and restore those fundamental principles that give an ethical dimension to capitalism: freedom, meritocracy, a direct link between reward and effort, and a sense of responsibility that ensures that those who reap the gains also bear the losses. This would mean abandoning the notion that any firm is too big to fail, and putting rules in place that keep large financial firms from manipulating government connections to the detriment of markets. It would mean adopting a pro-market, rather than pro-business, approach to the economy.
capitalism  recession  ideology  business  markets  free-markets  finance  regulation  america  government  economics  politics  pro-market  pro-business 
october 2009 by tsuomela
Comment, July 1961 - Gore Vidal on Why Ayn Rand Sucks and Literary Criticism - Esquire
Ayn Rand’s “philosophy” is nearly perfect in its immorality, which makes the size of her audience all the more ominous and symptomatic as we enter a curious new phase in our society.
about(AynRand)  philosophy  morality  ethics  1960s  free-markets  libertarian 
october 2009 by tsuomela
Rick Bookstaber: Why Do Bankers Make So Much Money?
Why Do Bankers Make So Much Money?
A tenet of economics is that in competitive markets there are no economic rents. That is, people get fairly paid for their efforts, their capital input, and for bearing risk. They are not paid any more than is necessary as an incentive for production. In trying to understand the reason for the huge pay scale within the finance industry, we can either try to justify the pay level as being a fair one in terms of the competitive market place, or ask in what ways the financial industry deviates from the competitive economic model in order to allow economic rents.
talent  banking  money  income  free-markets  markets  competition  work  labor 
october 2009 by tsuomela
Interfluidity :: Vanilla afterthoughts
Governments and markets are dissimilar in the form and causes of their mistakes, and the badness of their errors is not uniformly rankable.
regulation  economics  banking  government  markets  free-markets 
october 2009 by tsuomela
After the Future: Zombie Traditionalism I
But here's where it gets tricky, because many people on the right think that the culture's surrendering to the demands of blacks, women, and gays is directly responsible for the destruction of the traditional American way of life. On the surface there might seem to be some merit to this argument, but traditional America was already dead by the time any of these movements got any traction, and the liberationist left didn't kill it. Consumer Capitalism did.
consumerism  free-markets  freedom  conservatism  tradition 
october 2009 by tsuomela
t r u t h o u t | The Spectacle of Illiteracy and the Crisis of Democracy
Illiterate in this instance refers to the inability on the part of much of the American public to grasp private troubles and the meaning of the self in relation to larger public problems and social relations. It is a form of illiteracy that points less to the lack of technical skills and the absence of certain competencies than to a deficit in the realms of politics—one that subverts both critical thinking and the notion of literacy as both critical interpretation and the possibility of intervention in the world. The type of illiteracy is not only incapable of dealing with complex and contested questions; it is also a principle for glorifying the principle of self-interest as a paradigm for understanding politics. This is a form of illiteracy marked by the inability to see outside of the realm of the privatized self, an illiteracy in which the act of translation withers, reduced to a relic of another age.
politics  literacy  democracy  private  public  crisis  consumerism  free-markets 
september 2009 by tsuomela
Leiter Reports: A Philosophy Blog: Alex Rosenberg on Cochrane and Economics
The first thing a philosopher notes about this notion is that since most people have false beliefs, especially about the future, an efficient market doesn’t internalize knowledge, but only beliefs. If they are mostly false, then the market isn’t efficient at internalizing (correct) information, it’s efficient at internalizing mostly false beliefs. If false beliefs are normally distributed around the truth, then they’ll cancel out and the proof of a probabilistic version of the efficient markets theorem will go through—market prices reflect the truth most of the time. Too bad false beliefs don’t always take on this tractable distribution. Even worse, when enough people notice the skewed distribution of false beliefs, they can make rents, as the markets crash. This is what Cochrane seems to think can't happen. How many times will it have to happen for the Chicago School to give up the efficient markets hypothesis?
economics  free-markets  markets  efficiency  efficient-markets-hypothesis  chicago-school  neoclassical  philosophy  capitalism  recession  ideology  rational-markets 
september 2009 by tsuomela
Consumer Protection Redux: The Lessons of History « The Baseline Scenario
Recaps the history of the 1960s and 1970s efforts to create a Consumer Protection Agency. Traces its failure to conservative populist ideology and business lobbying.
history  consumerism  regulation  government  conservative  propaganda  free-markets  populism 
september 2009 by tsuomela
Economic View - ‘Too Big to Fail’ Is Dangerous, in Finance and Health Care -
by Tyler Cowen. A good argument against too much political influence in banking and health care being bad for both.
politics  economics  favoritism  corporatism  markets  discipline  free-markets  libertarian 
september 2009 by tsuomela
The Myth of Consumer Choice « The Baseline Scenario
So what really frustrates me about this whole “consumer choice” fraud is the premise it begins with. It starts out by framing health care as a problem of consumer incentives – health care is too cheap. This is a factually accurate framing that leads you to a dead end (unless you think people who underestimate their future sickness should die). I think the right way to frame this issue is with this question: Given a poor person and a rich person who have the same potentially fatal disease, should both of them live, or only one?
health-care  medicine  choice  consumer  health  cost  insurance  risk  free-markets  information  ideology  choice-fetish 
september 2009 by tsuomela
Lehman’s Last Contribution to Society: A Lesson on Social Insurance - Economix Blog -
Prior to this form of social insurance, the owners of a business were legally liable with their personal wealth for damages the business might have inflicted on others. With limited liability, the corporation’s shareholders are liable only up to their equity stake in the company. They can lose at most the value of their investment in the corporation’s stock. Beyond that, someone else in society — often the taxpayer — bears the financial risk for damages attributable to the corporation.
business  social  insurance  choice  risk  finance  america  ideology  free-markets 
september 2009 by tsuomela
Eeyore and the Unintended Consequence « Easily Distracted
..loosely libertarian (e.g., McArdle/Brooksian surface-level libertarianism used mostly to defend fixed programmatic commitments) fears of the unintended consequences of action by the state are empirically and philosophically messed up. They’re not really based on a comprehensive history of the consequences of state action, and they’re not really based on any kind of consistent view of structure-agency interaction.
libertarian  free-markets  ideology  consequences  unintended  silppery-slope  false  arguments  style  government 
august 2009 by tsuomela
The Limits of Arbitrage « The Baseline Scenario
...arbitrageurs, the very smart and talented traders at hedge funds who will take prices that are out of line and bring them back into line, making a good fee and making prices reflect all available information, the very building block necessary for EMH to work, can’t do their job if they are time or credit constrained. Specifically, if they are highly leveraged, and prices move against their position before they return to their fundamental value – if the market stays irrational longer than they can remain solvent – they’ll collapse before they can do their jo
finance  arbitrage  money  wall-street  banking  financial-engineering  limits  efficiency  markets  free-markets  debt  leverage 
august 2009 by tsuomela
Balloon Juice » Blog Archive » Roseanne the Riveter & the New Guilted Age
Suddenly, out of every media outlet, from the morning talk shows to the political blogs to the Wall Street Journal, comes a new slogan: Americans get less health for more dollars than any other industrialized nation because we don’t deserve good health. We haven’t earned it, and if we insist on using it anyway, we’ll be depriving other, more needy fellow citizens of their fair share.
economics  rhetoric  free-markets  american  ideology  health-care  obesity  morality  money 
august 2009 by tsuomela
US Economic Myths Bite the Dust |
Myths debunked: US nation of small businesses, economic mobility, greater innovation, lack of vacation.
economics  mythology  american  free-markets  ideology  belief 
august 2009 by tsuomela
Book Review - 'The Myth of the Rational Market,' by Justin Fox
THE MYTH OF THE RATIONAL MARKET A History of Risk, Reward, and Delusion on Wall Street.By Justin Fox
THE SAGES Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets By Charles R. Morris
book  review  finance  market-failure  markets  efficiency  mythology  ideology  free-markets 
august 2009 by tsuomela
Obfuscating Inequality « The Baseline Scenario
Will Wilkinson has gotten a lot of Internet love for his article “Thinking Clearly About Economic Inequality”, which argues that increasing inequality is not as bad as people like Paul Krugman make it out to be. I thought it was a rhetorically clever but deeply misleading attempt to blur the obvious issue – economic inequality is increasing – by looking at it through a dizzying array of qualifying lenses.
economics  equality  income-distribution  income  hedonism  conservative  free-markets  ideology 
july 2009 by tsuomela
Jonathan Wolff: Greed is good (sometimes)
But suppose you are buying meat that won't be supplied for 20 years? Still want to rely on the greed of the butcher? Thought not. By the time you have found out if he is cheating you, it will be too late to switch supplier. When there is a substantial time lag between purchase and consumption, as there is for pensions, savings schemes and sub-prime debt, the market loses its magic and the purchaser is vulnerable.
market-failure  markets  free-markets  time  failure  capitalism 
july 2009 by tsuomela
Free Markets vs. "Free" Markets | Mother Jones
Objections to private student lending ignore ways that government could save money now, even when it couldn't save money at the start of the program. Everything changes, even the efficiency of government.
education  loan  government  efficiency  free-markets  ideology  republicans 
february 2009 by tsuomela
Angry Bear: Legal Protectionism: A New Mercantilism
"A modified version of mercantilism is alive and well...and it has been for some time. The game always has been trade. The question always has been: How do we game the system?"
Mentions China lowering taxes for foreign firms to less than the taxes for indigenous firms. This is not covered by WTO.
economics  trade  mercantilism  free-markets  free-trade  growth  nationalism  China  WTO 
february 2009 by tsuomela
Real Time Economics : Ignoring the Oracles: You Are With the Free Markets, or Against Them
It’s hard to tell what’s more striking about Raghuram Rajan’s 2005 presentation at the Kansas City Fed’s Jackson Hole symposium — the way many of the dangers he laid out came to pass, or the way he was attacked, and then discounted.

Mr. Rajan came to the conference, dedicated to soon-to-retire Fed Chairman Alan Greenspan, with strong bona fides as a pro market advocate.
economics  ideology  orthodoxy  dogma  free-markets  prediction  history  crisis 
january 2009 by tsuomela
Thomas Frank: The 'Market' Isn't So Wise After All -
But by and large the free-market medicine men seem determined to learn nothing from this awful year. Instead they repeat their incantations and retreat deeper into their dogma, generating endless schemes in which government is to blame, all sin originates with the Community Reinvestment Act, and the bailouts for which their own flock is desperately bleating can do nothing but harm.

And they wait for things to return to normal, without realizing that things already have.
free-markets  market-failure  ideology  crisis  economics  2008 
january 2009 by tsuomela
Ross B. Emmett
I have also initiated a new research program–the history of the University of Chicago’s economics department during the period from the late 1920s to approximately 1980. One article on Chicago economics has already been published, and an eight-volume reprint collection entitled The Early Chicago Tradition in Economics, 1892-1945 appeared in 2001 under my editorship (published by Routledge). I am finalizing the manuscript of The Elgar Companion to the Chicago School, which contains a great set of essays by a broad range of scholars of Chicago economics.
economics  history  chicago  markets  ideology  conservative  free-markets 
december 2008 by tsuomela

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