“We have been living in an ideological bubble — one of market fundamentalism.From the trauma of the Great Depression to 1973, there was a broad consensus across the democratic world that markets were absolutely essential to generate wealth, but they will also cause all sorts of problems if they are left unregulated. Economists like JM Keynes and JK Galbraith taught us that if you abolish markets, you get starvation; but if you abolish all the democratic checks and balances on markets, you get a system that eats itself. Unregulated businesses will cause unsustainable levels of pollution and inequality, and ultimately start pursuing unhinged business models that cause the whole system to collapse.”

— Johann Hari

"Has Market Fundamentalism Had Its Day?" http://www.johannhari.com/archive/article.php?id=1269, The Independent (2008-03-20).

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Johann Hari 13

British journalist 1979

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“Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resources efficiently. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. Microeconomists devote much effort to studying when market failure is likely and what sorts of policies are best at correcting market failures. As you continue your study of economics, you will see that the tools of welfare economics developed here are readily adapted to that endeavor. Despite the possibility of market failure, the invisible hand of the marketplace is extraordinarily important.”

N. Gregory Mankiw (1958) American economist

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“The U. S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the have-nots had no idea that a nanosecond had value. The haves enjoyed a perfect view of the market; the have-nots never saw the market at all. What had once been the world’s most public, most democratic, financial market had become, in spirit, something like a private viewing of a stolen work of art.”

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“…new nuclear plants are simply unfinanceable in the private capital market, and the technology will continue to die of an incurable attack of market forces—all the faster in competitive markets. This is true not just in the U. S., where the last order was in 1978 and all orders since 1973 were cancelled, but globally.”

Amory B. Lovins (1947) American physicist

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“Double, treble, quadruple bubble, watch the stock market get into trouble…”

Garth Nix (1963) Australian fantasy writer

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“I'm a free-marketeer. I believe in free markets, but… sometimes you have things that look like free markets but aren't because of artificial reasons. I'm not very happy with the current state of what calls itself free market economy in the world because you've got all these grotesque monopolies that are able to game the system in a way that's to their advantage by virtue of their power, and that's not a free market.”

John Perry Barlow (1947–2018) American poet and essayist

Planet JH Weekly interview (2005)
Context: I'm a free-marketeer. I believe in free markets, but... sometimes you have things that look like free markets but aren't because of artificial reasons. I'm not very happy with the current state of what calls itself free market economy in the world because you've got all these grotesque monopolies that are able to game the system in a way that's to their advantage by virtue of their power, and that's not a free market. A real free market has some kind of countervailing influence from the government to keep a monopoly in check, but this government... it's not about free marketing principles, it's about greed pure and simple. And this government wants to assure that the other people that they went to college with get just as rich as they do. This country is going to make Mexico look like Sweden inside of ten years in terms of wealth distribution, because there are no countervailing forces. They've eliminated tax basically for the ultra-rich, they've eliminated any control over monopolies, the greedy have free reign and its just going to be the super rich and the peasants.

“We all know India has a huge competitive advantage -- we have the largest arable land, focused sunshine, sensible utilisation of water in 30% of land. The question is what should we do to make the US market -- the most difficult market in the world -- accept our produce. For that, we need traceability. It is a simple technology, which we are giving the farmers. It needs certification and verification processes -- to us it is like a process plant. You can then get the output, sort it and grade it.”

Mukesh Ambani (1957) Indian business magnate

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“When you introduce markets in food, then you introduce two very simple rules. The first rule is this: if you have money you can get the food from wherever around the world. The other rule markets impose is this: if you do not have money, you will starve. This is an important point … The reason why people starve is because of poverty … not because of a shortage of food … but because the only way to access the food is through the market.”

Raj Patel (1972) British academic

About global food economy http://www.youtube.com/watch?v=RU5zT1r5Fk8 Marquette University (Retrieved on February 11, 2010.)

“It seems obvious, then, that the search for solutions to the problems generated by a predominantly privately owned market-oriented society has been and will continue to be a major element in the political agenda of every democratic country.”

Robert A. Dahl (1915–2014) American political scientist

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“The Republican Party has been captured by a bunch of extremists … People who maintain that markets will take care of everything, that you leave it to the markets and the markets know best. Therefore, you need no government, no interference with business.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

Interview with David Brancaccio (2003)
Context: The Republican Party has been captured by a bunch of extremists … People who maintain that markets will take care of everything, that you leave it to the markets and the markets know best. Therefore, you need no government, no interference with business. Let everybody pursue his own interests. And that will serve the common interest. Now, there is a good foundation for this. But it's a half-truth.

“Rothbard is surely right in thinking that what we now call free-market libertarianism was originally a left-wing position. The great liberal economist Frédéric Bastiat sat on the left side of the French national assembly, with the anarcho-socialist Proudhon. Many of the causes we now think of as paradigmatically left-wing—feminism, antiracism, antimilitarism, the defense of laborers and consumers against big business—were traditionally embraced and promoted specifically by free-market radicals. … I like calling the free market a left-wing idea—in fact, I like calling libertarianism the proletarian revolution.”

Roderick Long (1964) American philosopher

"Rothbard's 'Left and Right': Forty Years Later," http://bastiat.mises.org/library/rothbards-left-and-right-forty-years-later Rothbard Memorial Lecture, Austrian Scholars Conference (2006).

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