Ranchu
Veteran
Milton Friedman was the leading monetarist.
He was a professor of economics at the University of Chicago
who believed that value came from money
in contrast to those who believe that value comes from human beings,
that human beings and human laborers are the source of all value.
Milton Friedman believed it was money and gold.
Therefore, by changing monetary rates
and fiscal policy, he was able to organize an economy.
He was a free marketeer, a laissez-faire capitalist,
a laissez-faire theorist.
That's part of his monetarism.
Laissez-faire means let the market decide.
Devil take the hindmost. Get as much as you can and run.
This negates consumption, health and meeting human needs
while a few profit.
This is the theory of Milton Friedman.
My feeling is that there are two kinds of market fundamentalism.
When I use the term, is use it to mean
a deep faith in the power of the market,
and the market to solve economic problems,
and even other kinds of social and political problems.
I regard it as very naive in that sense.
It's almost a kind of religious faith: the market will solve it.
It's OK,
the market will solve it.
But they also sometimes think it's benevolent;
that the market will no only solve this, but that it will somehow
solve it in a way that benefits humanity.
To me, of course, it's completely unjustified.
The market doesn't give a damn how many people die.
The market may solve peak oil by killing 3 billion people.
There's nothing here to be worshiping.
It's type 1 market fundamentalism.
Type 2 have some kind of affection for the market
because they feel that it has,
for example, helped them into their positions of wealth and power.
He was a professor of economics at the University of Chicago
who believed that value came from money
in contrast to those who believe that value comes from human beings,
that human beings and human laborers are the source of all value.
Milton Friedman believed it was money and gold.
Therefore, by changing monetary rates
and fiscal policy, he was able to organize an economy.
He was a free marketeer, a laissez-faire capitalist,
a laissez-faire theorist.
That's part of his monetarism.
Laissez-faire means let the market decide.
Devil take the hindmost. Get as much as you can and run.
This negates consumption, health and meeting human needs
while a few profit.
This is the theory of Milton Friedman.
My feeling is that there are two kinds of market fundamentalism.
When I use the term, is use it to mean
a deep faith in the power of the market,
and the market to solve economic problems,
and even other kinds of social and political problems.
I regard it as very naive in that sense.
It's almost a kind of religious faith: the market will solve it.
It's OK,
the market will solve it.
But they also sometimes think it's benevolent;
that the market will no only solve this, but that it will somehow
solve it in a way that benefits humanity.
To me, of course, it's completely unjustified.
The market doesn't give a damn how many people die.
The market may solve peak oil by killing 3 billion people.
There's nothing here to be worshiping.
It's type 1 market fundamentalism.
Type 2 have some kind of affection for the market
because they feel that it has,
for example, helped them into their positions of wealth and power.
