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Market Economy

Market Fundamentalism Is An Obstacle To Social Progress

June 10, 2023 Richard D. Wolff, Canadian Dimension. , , ,
A changing world order, a shrinking US empire, migrations and related demographic shifts, and major economic crashes have all enhanced religious fundamentalisms around the world. Beyond religions, other ideological fundamentalisms likewise provide widely welcomed reassurances. One of the latter—market fundamentalism—invites and deserves criticism as a major obstacle to navigating this time of rapid social change. Market fundamentalism attributes to that particular social institution a level of perfection and “optimality” quite parallel to what fundamentalist religions attribute to prophets and divinities.

The (In)Visible Hand, Scarcity, Venezuela, And The PlayStation 5

December 21, 2020 Dakotah Lilly, Popular Resistance. , , ,
As Christmas approaches around the world, lines get longer, prices fluctuate, and everyone wants to get their hands on the seasons hottest gift or toy for their loved ones. This holiday seasons most sought after gift appears to be either a Sony PlayStation 5 or a Microsoft Xbox Series S/X, with price ranges from $299-$499 depending on the model. However, as of this writing in December 2020, it is almost impossible to acquire any of the models for anything less than several hundred more than the suggested retail price, with some scalpers and speculators selling them for thousands of dollars on online marketplaces. It is estimated by some that these speculators have made almost 30 million dollars on a reported 60,000 resold consoles.

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