Does the free market work? Why or why not?
Yes. It is the most natural system to humans.
The free market is far from perfect despite what morons would have you believe.
Finite resources, artificial scarcity, natural monopolies, access to information, and accuracy of information are just a few of the things that require intervention in the free market.
>>1232619
But the nature of "intervention" is inherently flawed.
>>1232623
Is it?
Is it flawed to try to protect people from being exploited by businesses that have no interest in the community?
Why should The Royal Dutch Shell Oil company care about heavy metals in your drinking water? Should a utility company be allowed to engage in price gouging because nobody else can afford to enter the market? Should insider trading be legal?
C'mon son. This isn't difficult stuff to see.
Capitalism is a game. However, games have to be rule based. Watch a playoff basketball game, it's best if the referees do little and let fouls go since both teams are playing hard. However, a flagrant foul or something overly intentional should be called out. This is the best way to run an economy. Let us play, but a clear fraud or gross negligence needs to be called out.
>>1232626
>Why should The Royal Dutch Shell Oil company care about heavy metals in your drinking water?
It shouldn't.
>Should a utility company be allowed to engage in price gouging because nobody else can afford to enter the market?
Yes it should, the only issue with price gouging and monopolies is when the government is involved because they create an artificial monopoly only propped up by made-up "regulations".
If everyone was free to enter an industry they wish without idiotic regulations then there would be no such thing as price gouging because if a price is unfair then a new company can emerge and swoop in to take their business rightfully.
>Should insider trading be legal?
No.
>>1232651
>It's okay to let companies pollute and destroy communities and ecosystems because their only responsibility is to shareholders.
>A new electrical company can just show up and enter a very tightly controlled market with a huge barrier to entry
Okay, brah, I can see that you have no interest in living in the real world.
>>1232660
Don't want it don't buy it senpai
>>1232665
>Don't want drinking water, don't buy it.
And he loved the Free Market®.
>>1232666
Ok I'll step down to your level. I guess I could see how some industries might need to be regulated but almost all of them would do better without any.
In North America for example there is retarded regulations for internet and telecom companies, they have a oligopoly and it's SOLELY due to regulations, as an example.
Meanwhile countries in the desert have better internet for cheaper, how does that work exactly?
>>1232651
I... I just cant
>>1232668
Name some of those desert nations that have superior internet than the US that aren't ultra-wealthy gulf oil nations that have tiny concentrated populations.
The market and regulations don't control everything you imbecile.
>>1232674
Regulations are pretty damn important when a few big companies can just lobby to de-facto create an oligopoly.
Sounds like your solution causes the actual problem you seem to care about fighting.
>>1232616
Like democracy, it's the worst known system except for all others.
>>1232677
>Implying that in many markets there exists enough consumers to allow for two competing utility companies.
First to enter wins and then controls the whole market. Price gouging is a serious concern with "essential" services, amigo. Price fixing is also a serious concern with all companies.
Why can't you admit that the free market is far from perfect? Would this shatter the little world you've imagined in your head?
>>1232616
It creates an ultra poor class and an ultra rich class.
Yes, it's working as designed.
>>1232681
>Why can't you admit that the free market is far from perfect?
It has issues but everything else is far worse and even worsely implemented.
For example healthcare. Due to all these trumped up regulations it is far more expensive and inefficient. Why? Because new healthcare companies can't just spring up and start offering their services, they need to do through the bureau of fraud, aka government regulations.
>>1232687
>everything else is far worse
Why are you acting like I'm saying we need to live in a controlled and planned market?
I'm just saying the free market doesn't really work. That it's a sound theory and basis for economic policy, but that there are some serious holes and flaws with it.
>>1232692
>That it's a sound theory and basis for economic policy, but that there are some serious holes and flaws with it.
Then I would agree with you and I am not sure what we are arguing about then.
I agree, there is flaws in it, like in everything. Nothing is perfect, what people generally refer to as "perfect" means 'perfect in comparison to the alternatives', not 'perfect' in the philosophical and absolute sense.
>>1232683
That's why all the Mexicans are coming to the US: They want to be rich and while the rest of us get poorer. Just like Mexico.
>>1232616
Only if,
1) You have the absolute strictest enforcement of property and liability laws. I mean that if BP spills oil on your lawn or makes your air so dirty to breathe that you get lung cancer, you can sue them and the courts will side with you every time. This forces companies to clean up their act real fucking fast.
2) No such thing as too big to fail, even if your AIG and it would make the entire economy collapse, or you're Vanguard and millions lose their life savings... nope, sorry, try not being a fuck up next time. After a few examples, companies will learn that death is permanent and there are no second chances, so they'll be really sure not to take any risks that could cause them to collapse.
3) You let sick people die if they can't afford to pay for healthcare, and you let hungry people die if they can't afford food. This is a reality that most people don't want to accept, so we compromise. But think about it, supply and demand is how we deal with scarcity and find the equilibrium price. It's like a natural law of the universe. If people are starving in the streets, it means that there are too many people for the amount of food we have, so those people die and the people remaining are the ones who could afford food. If sick people die, then the ones remaining are the ones who were healthy enough to live or created enough wealth and resources to pay for their treatment. If the healthcare industry wants to sell to more customers, they'll make their products cheaper so more people can afford them, thus less people die.
Points 2 and 3 are basically economic Darwinism, but it hurts people's feelings because it's not fair, so we don't want to live in a world like that.
>>1232626
>Should insider trading be legal?
Legal for congress. The intervention that the US government incorporates is more flawed than the free market..
>>1232734
>Points 2 and 3 are basically economic Darwinism, but it hurts people's feelings because it's not fair, so we don't want to live in a world like that.
That's the problem with modern society. They expect everything to be fair when it never fucking will be. You can't control what family you are born into and whether you grew up with a silver spoon in your mouth but in a free market you have much more control over yourself and your own success vs a socialistic economy.
>>1232616
not with globalization on this scale
>>1232616
A market as free as possible with extremely basic health and safety restrictions, bare minimum workers rights to prevent people being completely screwed over and protectionism is the perfect system. I also believe that the state should be as strong as possible on non-financial matters (not like muh Jeebus Republicans, more like based Pinochet).
>>1232738
>The intervention that the US government incorporates is more flawed than the free market..
Exactly my point
>>1232678
underrated
>>1232734
>>1232740
>>1232616
>Does the free market work? Why or why not?
What kind of free market? And work at what? Our current system works fairly well to entice people to do work which is in high demand, produce products people want and suchlike. Its not perfect, and allows for the exploitation of the multitude for the benefit of a few, but all systems so far devised have been unable to preclude this. Its hard (perhaps impossible) to stop the capable from excelling since by definition they are the most capable.
>>1232616
Look around you anon, you see that stuff you have? You know the things you want that you can get once you have the proper exchange ready?
Obviously the Markets work, and your choice of what to get makes it free.
In a Command Market, you'd have no choice, as others have made the choice for you.
