Subnostr

There is no free market. Neoconservatives would have us believe that a free market is one wherein there is no government regulation. They say that, but they use government regulations to prevent competition, protect their own monopolities, provide bailouts for themselves, and create favorable tax cuts for their industries.

The concept of “free market” has been co-opted and turned 180 degrees from what a Adam Smith taught us. Smith was a proponent of government regulation, and said that government was necessary to prevent monopolies so that all could play fairly. That was the concept of a free market.

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Discussion

Aurelius 2y ago

A few years ago, Wilson NC wanted to create its own internet company because Time Warner was price-gouging everyone. Time Warner had a monopoly in the area, and people couldn’t afford internet. The town council decided to make their own internet service to provide cheap intent. They built the company, then Time Warner sued them. There was a massive legal battle and in the end, Wilson got to keep the internet company but it became illegal for any other town in the State to provide cheap internet to their citizens if it meant competing with established monopolies. This is what Adam Smith warned us about. This is what the neoconservative defense of “free markets” gets wrong.

Aurelius 2y ago

This is the end point of capitalism, and this is why governments are necessary to prevent monopoly formation. Our government participation is built on a neoconservative philosophy of enabling monopolies and preventing competition.

Bitcoin helps to fix this, but we must be able to define the problem that we are trying to fix.