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by norea-armozel
3209 days ago
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The thing is that even Adam Smith and David Ricardo didn't believe free markets existed either, it's just that folks like Milton Friedman played up the idea that competition will always lead to better outcomes for firms and consumers. Markets are only good allocators when either the rules are set (and maintained) to ensure more fair outcomes or that the means of production are owned in common (cooperatives, mutual aid societies, etc). The former is what we've been using for a while but over time it seems those regulatory mechanisms get deconstructed by those who are regulated. So, I think it's time we choose to do the latter since it's obvious capitalism isn't a good model of market economics. |
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