Esoteric Dissertations from a One-Track Mind

November 22, 2007

R.G. Price – Understanding Capitalism

Filed under: capitalism, economy, politics — Tags: — codesmithy @ 8:13 am

R.G. Price has a good piece about “Understanding Capitalism Part I: Capital and Society.” I agree with most of his points and prescriptions.  There is little point in elaborating on it since I would have a hard time making the case better than Price did. Although, I find it funny how easy to tell people who have actually read Adam Smith, the father of modern economics, and those that have bought into the free market fundamentalist myth about what Smith wrote.

The one thing I would like to add is the term that Price is looking for instead of “true free trade” is so-called fair trade although how much the modern movement embodies Price’s vision is another matter. However, it could be the terminology wasn’t as developed when he wrote the piece back in 2003.

In this light, we must recast what free market fundamentalism is. Free market fundamentalism is to economics as social Darwinism is to evolution. A system that has the pretense of being impartial and scientific, but is in fact an intellectual movement meant to justify inequality and maintain the status of elites in society. It is divine right for a new age to replace a discredited rationale. Just as in the age of kings, this hierarchy is brutally enforced.

The United States has been a major exporter of this ideology and system for at least the past half-century as “The Shock Doctrine: The Rise of Disaster Capitalism” by Naomi Klein explores. It is an attempt to supplant the institution of the government with that of the corporation. And one of the most powerful weapons in the arsenal is public debt; another system of control on a democracy.


1 Comment »

  1. I realize you posted this quite a long time ago, but R.G. Price also wrote this, which I find indispensable in radicalizing people:

    Comment by aleke — June 21, 2009 @ 12:56 am

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