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Economics & Beyond with Rob Johnson cover image

Naomi Oreskes and Erik Conway: The Big Myth of Market Fundamentalism

Economics & Beyond with Rob Johnson

NOTE

Electricity for All: A Matter of Equity and Access

The struggle for electricity access illustrates a significant market failure in capitalism. While the private sector often prioritizes profit over societal needs, many rural customers, particularly farmers, genuinely sought electricity to improve their quality of life. Despite the clear demand for this essential service, the private sector dismissed rural electrification as unprofitable, igniting a fierce debate on the role of government versus private industry. The ensuing propaganda from the electric industry aimed to undermine the argument for governmental intervention, asserting that the private sector was meeting the demand effectively, despite the realities indicating otherwise. This conflict highlights the critical intersection of capitalism, freedom, and the obligation to provide essential services equitably.

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