In the new episode of our weekly podcast Lever Time, David Sirota speaks with Harvard Professor Naomi Oreskes about the mythology of “market fundamentalism” that exists deep within the American psyche.
Where did the idea of an unfettered free market really come from? Oreskes explains how the total belief in the wisdom of the free markets (in opposition to the ‘evil’ big government), went from being on the fringes of public debate to a dogmatic ideology that is unique to the United States.
It’s a fascinating history involving key figures of the 20th century, including Herbert Hoover, industry groups, and a massively popular show called “General Electric Theater” that starred a Hollywood actor named Ronald Reagan.
Oreskes is co-author of the new book, “The Big Myth: How American Business Taught Us to Loathe Government and Love the Free Market.”
Read a rough transcript of this episode here.
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There is a major flaw in this premise.
We haven't had a free (unregulated) market since 1914. What's more, it was big banks and corporations that pushed for modern corporatism. In fact, it was business leaders (the DuPont's, Bush's and others) who so fully embraced Mussolini's Fascism, that they plotted the overthrow of FDR, with the failed Wall Street Putsch.
Indeed, Mussolini, a longtime leader in the Italian Socialist Party, had seen the obvious; (1) workers are too busy getting by to ever revolt and (2) no Command (government-run) Economy has ever worked. Both remain true today.
In fact, Venezuela has conclusively proven that the Command Economy cannot work.
Where many contemporary advocates of "Socialism" go wrong is in mistakenly believing that it's Socialism that has delivered public pensions, massive public works programs, government inspections, etc.
Those were all Fascist in origin. The first pensions were initiated by the Prussian autocrat, Otto von Bismarck and not out of any "fear of Socialists gaining power," no, he saw many war veterans returning home seeing politicians, investors and businessmen profiteering off of war. He saw that a more dependent populace was an easier one to control.
The first modern massive public works projects were initiated by Benito Mussolini.
Sadly, today, many Americans mistakenly think the Nordics are Socialist. Even Bernie Sanders has said, "By Socialism, we mean Sweden, not Venezuela."
Sweden has the very same hybrid (regulated market) economy that we do. They tax working wage earners at relatively high rates (near 70% with the income tax, VAT & retirement tax) and both investors and businesses at much lower rates, with a 20% corporate tax and a 30% Capital Gains rate. I'd much prefer Switzerland's, Hong Kong's and New Zealand's 0% Capital Gains rates.
But the reality is, "Nordic Capitalism" isn't anything like Socialism's government-run economy. It is, ironically enough, very much like ours, just with somewhat higher tax rates.
This affection for government is appalling given that every mass genocide, every war, every atrocity in modern times has been perpetrated by governments.
Today, multinational conglomerates control all our media, as well as most governments of the West. It is they who are seeking to pave over the disparate cultures of the world with an Anglo-American Globalism. That's what many here and around the world object to. Our government (run by investor-legislators) are fully in bed with and onboard with that agenda.