Is Capitalism Racist?
Intelligence Squared
00:00
Rise of Free Market Ideology
The rise of free market ideology can be traced back to a political situation in the mid-20th century characterized by the establishment of welfare state policies in Britain and the United States. Advocates of the free market began networking and developing alternative ideas to counter this situation. The 1970s crisis in the welfare state societies provided an opportunity for these ideas to gain political power, leading to the rise of leaders such as Thatcher and Reagan who dismantled the existing welfare system and established a highly individualized, competitive society based on free market principles. This shift has resulted in extreme inequalities and intense competition among individuals.
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