Abstract
To persuade the public of the legitimacy and benefits of the economic system and ignore its deficiencies, a variety of myths had to be created and promoted. The myths depict an imaginary free market utopia predestined by nature, based on scientific principles and imbued with rationality, self-interest and justice. The myths, rich in uplifting jargon such as freedom, choice and individualism, are used to justify the system’s unfairness. They serve as a substitute for concrete evidence to support claims of economic and moral superiority. The myths usually have a common denominator, the conclusion that the system’s rewards should flow upward to a small group who just happen to possess economic power and political influence. These myths are the subject of this book.
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Notes
- 1.
Laissez faire refers to a school of thought that favors minimal government intervention in the economy.
- 2.
Schotter (1985).
- 3.
Frank (1999).
- 4.
Free market fundamentalism – unsubstantiated beliefs associated with laissez faire such as the idea that markets (or the invisible hand of the market) can handle all economic issues without government’s help. The myths discussed throughout the book are examples of these beliefs.
- 5.
Mirowski (2013).
Bibliography
Frank, Robert (1999) Luxury Fever, New York: Free Press.
Mirowski, Philip (2013) Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown, London: Verso Books. Kindle Edition.
Schotter, Andrew (1985) Free Market Economics: A Critical Appraisal, New York: St Martin’s Press.
Stiglitz, Joseph E. (2010) Freefall: America, Free Markets, and the Sinking of the World Economy, New York: W. W. Norton and Company.
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Shaanan, J. (2017). Introduction. In: America's Free Market Myths. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-50636-4_1
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DOI: https://doi.org/10.1007/978-3-319-50636-4_1
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