Economic Update with Richard D. Wolff Unlearning Market Idolatry
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Apr 8, 2025 In this lively discussion, the fallacy of viewing markets as flawless institutions is critically examined. Historical and contemporary comparisons reveal the detrimental effects of market ideologies on society. The podcast dives into the stark wealth disparities created by unregulated markets and the barriers faced by lower-income individuals. It boldly deconstructs the myth of the free market, arguing for essential government intervention. The conversation concludes with a call for workplace democracy, advocating for equitable decision-making in economic systems.
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Market Idolatry
- The market is often seen as a perfect institution, beyond criticism.
- This "market idolatry" hinders rational discussion and problem-solving.
Challenging the Perfect Market
- The belief in the perfect market was challenged during the Great Depression (1930s-1970s).
- Government intervention, influenced by Keynesian economics, became the norm.
Why Businesses Love Markets
- Private enterprises, driven by profit, favor unregulated markets.
- This benefits the owners but not necessarily the majority (employees).
