This is a great essay describing the basis for and factors leading to neoclassical economic and neoliberal political ideologies.
Do free markets actually exist and is the accumulation of wealth the defining characteristic of what it means to be human?
The underlying assumptions governing neo-classical economics and its political expression in neo-liberalism are so flawed that any attempt to re-construct a market economy based on the same assumptions are bound to fail. Markets are a sub-system of society and an institutional mechanism to coordinate economic activity in a political system called capitalism. This varies across time and space depending on country specific institutions (i.e Irish capitalism is different to Finish capitalism). Markets are political constructs and cannot exist without active political re-construction. It is not possible to separate the ‘state’ from the ‘market’. Neo-classical concepts of a ‘free market’, ‘state intervention’ and ‘market failure’ are only possible if we accept the assumption that ‘markets’ are a natural phenomenon that exists free from politics. This is only possible if…
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