Market fundamentalism
|
|
Market fundamentalism (or free-market fundamentalism) is a term coined by George Soros, to criticize the philosophy that the free market is always beneficial to society. As a pejorative term the people and organizations the term is intended to refer to will generally reject the label. The meaning can be considered economic liberalism or laissez-faire capitalism taken to an extreme.
| Contents |
Philosophy
It refers to the idea that the free market is always beneficial to society, that the common good is always best served by market forces. Critics argue that markets sometimes produce beneficial results, sometimes negative results. They argue that where the market works for the public interest, it should be allowed to do so, and where markets work against the public interest, state regulation should step in.
Adherents
The following groups can be said to advocate strongly against any state regulation of a free market.
- Objectivists publicly and absolutely adhere to this philosophy. This group spearheaded by the Ayn Rand foundation (after the author of the same name, who wrote such works as Atlas Shrugged and The Fountainhead).
- Anarcho-capitalists encompass anarchists who believe in the absolute right to private property, and who envision a market system completely free of state regulation. (see also: Free-market anarchism)
- Libertarians generally believe in limited government powers, and reject regulation of a free market. (see also:Minarchism)