When The Invisible Hand Gives You The Finger
Since the days of Adam Smith, capitalists have been arguing that unfettered markets are the best way to organize the economy. Smith famously said that the rich are “led by an invisible hand” to, “without knowing it, advance the interest of the society.” The rise of the welfare state in the wake of the Great Depression tempered such magical thinking for a few decades, but the ascent of neoliberalism in the last half-century has brought a resurgence in market fundamentalism, in both theory (very much including the pages of the New York Times and Washington Post) as well as practice.
Yet none of the steady stream of articles from these outlets attesting to heartbreaking shortages of medical equipment in coronavirus-ravaged areas in the US—“A NY Nurse Dies. Angry Co-Workers Blame a Lack of Protective Gear” (New York Times, 3/26/20), “Unprotected and Unprepared: Home Health Aides Who Care for Sick, Elderly Brace for Covid-19” (Washington Post, 3/24/20), “NY May Need 18,000 Ventilators Very Soon. It Is Far Short of That” (New York Times, 3/17/20), or “The Hardest Questions Doctors May Face: Who Will Be Saved? Who Won’t? “ (New York Times, 3/21/20), for instance—have stopped to ask why the laws of supply and demand have so catastrophically failed in this crisis.