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Market fundamentalism

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The theories that I (and others) helped develop explained why unfettered markets often not only do not lead to social justice, but do not even produce efficient outcomes. Interestingly, there has been no intellectual challenge to the refutation of
2574:. Soros suggests that market fundamentalism includes the belief that the best interests in a given society are achieved by allowing its participants to pursue their own financial self-interest with no restraint or regulatory oversight. 2582:
on the individual consumer as well as society. Historian Edward E. Baptist contends that "unrestrained domination of market forces can sometimes amplify existing forms of oppression into something more horrific" such as
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Critics claim that in modern society with worldwide conglomerates, or even merely large companies, the individual has no protection against fraud nor harm caused by products that maximize income by imposing
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free markets provide the greatest possible equity and prosperity, or the view that any interference with the market process decreases social well-being. Users of the term include adherents of
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Camerer, C. (1995): Individual Decision Making, in: Kagel, J.H. & Roth, A.E. (Eds.): Handbook of Experimental Economics, Princeton, Princeton University Press, 587–703.
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assertions combined with the claim that anyone who holds contrary views is not a real economist. However, Kozul-Wright states in his book
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use the label "because the term conveys the quasi-religious certainty expressed by contemporary advocates of market self-regulation".
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policies, arguing: "More broadly, the IMF was advocating a set of policies which is generally referred to alternatively as the
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Redefining the Role of the State - What should it do ? How should it do it ? And how should these decisions be made?
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and that "market fundamentalism doesn't always provide the best solution for every economic or social problem".
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policies to solve most economic and social problems. It is often used as pejorative by critics of said beliefs.
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Autobiographical essay in acceptance of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
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politicians tend to stress and their confidence on a chosen policy rest on a "mixture of implicit and hidden
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policies have used the term to denote what they perceive as a misguided belief or deliberate deception that
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A Review of Economic Fundamentalism: The New Zealand Experiment - A World Model for Structural Adjustment?
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The Resistible Rise of Market Fundamentalism: The Struggle for Economic Development in a Global Economy.
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According to economist John Quiggin, the standard features of economic fundamentalist rhetoric are
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The Resistible Rise of Market Fundamentalism: Rethinking Development Policy in an Unbalanced World
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Belief in the ability of an unregulated free market to solve most economic and social problems
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Sunder, S (1995). "Experimental Asset Markets: A Survey". In Kagel, J.H.; Roth, A.E. (eds.).
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United Nations Conference on Trade and Development (UNCTAD), London: ZedBooks Ltd., 2007.
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The Crisis of Global Capitalism: The Crisis of Global Capitalism: Open Society Endangered
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Paper presented at the Tenth Anniversary of MITI Research Institute, Tokyo, March 1998.
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The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means
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The references used may be made clearer with a different or consistent style of
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Free Market Fundamentalism: Friedman, Pinochet and the "Chilean Miracle"
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Reframing the Political Battle: Market Fundamentalism vs. Moral Economy
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Albers, Detlev; Haeler, Stephen; Meyer, Henning, eds. (23 June 2006).
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Reforming Latin America's Economies: After Market Fundamentalism.
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used the term in his autobiographical essay in acceptance of
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Social Europe: A Continent's Answer to Market Fundamentalism
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The Power of Market Fundamentalism: Karl Polanyi's Critique
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Benthall, Jonathan, "Inside information on 'the market
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London: Zed Books Ltd., 2007 p. 14 and Chapter 6 3210:The Blackwell Companion to Major Social Theorists 2823:, 1999, On Line Opinion, www.onlineopinion.com.au 3322: 3303:Longview Institute page on Market Fundamentalism 3207: 2417: 1413: 668: 2475:The Resistible Rise of Market Fundamentalism 3029: 2672: 2670: 2477:that the "ineluctability of market forces" 416:Regional Comprehensive Economic Partnership 3007: 2558:positions as well as billionaires such as 2424: 2410: 1420: 1406: 675: 661: 2832:Kozul-Wright, Richard and Rayment, Paul. 2826: 2602:"Authoritarian liberalism", a concept by 2505:Nobel Memorial Prize in Economic Sciences 65:Learn how and when to remove this message 2919: 2821:Rationalism and Rationality in Economics 2667: 3308:The free market is an impossible utopia 2948: 2879: 2765: 2713: 3323: 3279: 3166: 2987:Soros warns of "market fundamentalism" 371:Association of Southeast Asian Nations 3256: 3226: 3070:Doesn't Get About Slavery—And My Book 3040:"The worst market crisis in 60 years. 2977: 2798:from the original on 11 December 2020 3064:Edward Baptist (September 7, 2014). 2995:from the original on 27 October 2012 2890: 2810: 18: 2902:. 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(2003). 2766:Quiggin, John (March 1995). 2233:Periodizations of capitalism 730:Austrian school of economics 396:Greater Arab Free Trade Area 338:Positive non-interventionism 7: 3265:. New York: PublicAffairs. 3235:. New York: PublicAffairs. 2756:, 7.4, August 1991, pp.1–2. 2619:Criticism of libertarianism 2590: 2509:International Monetary Fund 1929:Simple commodity production 401:International Monetary Fund 10: 3387: 3149:Palgrave Macmillan, 2006. 2784:10.1177/002218569503700119 2238:Perspectives on capitalism 1157:Defending the Undefendable 745:Subjective theory of value 222:Public–private partnership 82:free-market fundamentalism 2454:editorial in 1991 and by 167:Foreign direct investment 3351:Ideologies of capitalism 3133:Harvard University Press 3055:, January 22, 2008 19:57 1509:Economic interventionism 1147:The Machinery of Freedom 903:Non-aggression principle 876:Jurisdictional arbitrage 772:Labor theory of property 585:Authoritarian capitalism 426:World Trade Organization 157:Economic interdependence 3186:Kozul-Wright, Richard. 3145:French-Davis, Ricardo. 3086:Retrieved May 23, 2015. 2900:The pact with the devil 2178:Criticism of capitalism 784:Individualist anarchism 595:Criticism of capitalism 162:Economic liberalization 3257:Soros, George (2008). 3227:Soros, George (1998). 2707:market fundemmentalism 2536: 2208:Exploitation of labour 1919:Primitive accumulation 1127:The Market for Liberty 95:free-market capitalist 3371:Political terminology 3167:Kelsey, Jane (1995). 2931:, Longview Institute" 2898:"Stiglitz, Joseph E. 2682:, Longview Institute" 2680:Market Fundamentalism 2517: 2386:Capitalism portal 2198:Culture of capitalism 2153:Capitalist propaganda 1909:Industrial Revolution 1899:Commercial Revolution 1382:Capitalism portal 1278:Intellectual property 1167:The Ethics of Liberty 762:French Liberal School 625:Capitalism portal 605:Market fundamentalism 381:European Central Bank 212:Mundell–Fleming model 192:Intellectual property 78:Market fundamentalism 3128:Cox, Harvey (2016). 2991:. 22 December 1998. 2649:Right-libertarianism 2513:Washington consensus 2361:Right-libertarianism 2291:Classical liberalism 2258:Venture philanthropy 1894:Capitalism and Islam 1889:Age of Enlightenment 1484:Capital accumulation 1350:Right-libertarianism 1345:Paleo-libertarianism 1177:To Serve and Protect 816:Corporate governance 757:Classical liberalism 637:Economics portal 459:Adam Smith Institute 454:World Economic Forum 444:Mont Pelerin Society 152:Economic integration 3341:Economic liberalism 3336:Economic ideologies 3313:The Washington Post 2960:, Revised 10/15/02" 2624:Economic liberalism 2462:in their 1994 book 2398:Business portal 1514:Economic liberalism 1504:Competitive markets 1394:Politics portal 1360:Left-libertarianism 866:Freedom of contract 841:Economic liberalism 767:Homestead principle 740:School of Salamanca 649:Politics portal 580:Alter-globalization 313:Fiscal conservatism 3130:The Market as God. 3075:2023-01-20 at the 3045:2015-07-03 at the 3023:2008-05-29 at the 3014:Stiglitz, Joseph. 2956:"Bidstrup, Scott. 2873:2023-04-15 at the 2853:2021-04-29 at the 2754:Anthropology Today 2598:Anarcho-capitalism 2568:Cornell University 2507:to criticize some 2451:Anthropology Today 2158:Capitalist realism 1549:Goods and services 1529:Fictitious capital 1253:Capital punishment 1207:The Voluntary City 1039:Hans-Hermann Hoppe 700:Anarcho-capitalism 575:Anti-globalization 3366:Management theory 3346:Economic problems 3291:978-0-691-05897-9 3272:978-1-58648-683-9 3252:978-1-891620-27-0 3219:978-0-631-20710-8 3196:978-1-84277-636-0 3124:978-0-691-05897-9 3111:978-0-9547448-3-0 2609:Casino capitalism 2572:Edward E. 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3179: 3174: 3170: 3165: 3163: 3159: 3156: 3155:1-4039-4945-X 3152: 3148: 3144: 3142: 3141:9780674659681 3138: 3134: 3131: 3127: 3125: 3121: 3117: 3113: 3107: 3103: 3098: 3097: 3085: 3083: 3078: 3074: 3071: 3069: 3061: 3054: 3053: 3048: 3044: 3041: 3037: 3036:Soros, George 3032: 3026: 3022: 3019: 3017: 3010: 2994: 2990: 2988: 2980: 2966:on 2009-01-30 2965: 2961: 2959: 2951: 2936: 2932: 2930: 2922: 2908:on 2015-01-24 2907: 2903: 2901: 2893: 2887: 2882: 2876: 2872: 2869: 2865: 2861: 2857: 2856: 2852: 2849: 2842: 2835: 2829: 2822: 2818: 2817:Quiggin, John 2813: 2797: 2793: 2789: 2785: 2781: 2777: 2773: 2769: 2762: 2755: 2745: 2730: 2726: 2724: 2721:"Sainath, P. 2716: 2710: 2708: 2702: 2687: 2683: 2681: 2673: 2671: 2666: 2655: 2652: 2650: 2647: 2645: 2644:Profit motive 2642: 2640: 2637: 2635: 2634:Neoliberalism 2632: 2630: 2627: 2625: 2622: 2620: 2617: 2615: 2612: 2610: 2607: 2605: 2601: 2599: 2596: 2595: 2588: 2586: 2581: 2580:externalities 2575: 2573: 2569: 2565: 2561: 2557: 2556:protectionist 2553: 2552:mixed economy 2549: 2545: 2541: 2540:laissez-faire 2529: 2527: 2523: 2516: 2514: 2510: 2506: 2502: 2498: 2496: 2492: 2491:Fred L. Block 2488: 2484: 2480: 2476: 2472: 2467: 2465: 2461: 2457: 2456:John Langmore 2453: 2452: 2447: 2443: 2427: 2422: 2420: 2415: 2413: 2408: 2407: 2405: 2404: 2399: 2394: 2389: 2387: 2382: 2377: 2376: 2375: 2374: 2367: 2364: 2362: 2359: 2357: 2354: 2352: 2349: 2347: 2344: 2342: 2341:Neoliberalism 2339: 2337: 2334: 2332: 2329: 2327: 2324: 2322: 2319: 2317: 2314: 2312: 2309: 2307: 2304: 2302: 2299: 2297: 2294: 2292: 2289: 2287: 2286:Authoritarian 2284: 2282: 2279: 2278: 2272: 2271: 2264: 2261: 2259: 2256: 2254: 2251: 2249: 2246: 2244: 2241: 2239: 2236: 2234: 2231: 2229: 2226: 2224: 2221: 2219: 2216: 2214: 2213:Globalization 2211: 2209: 2206: 2204: 2201: 2199: 2196: 2194: 2191: 2189: 2186: 2184: 2181: 2179: 2176: 2174: 2173:Crisis theory 2171: 2169: 2166: 2164: 2161: 2159: 2156: 2154: 2151: 2149: 2146: 2145: 2139: 2138: 2131: 2128: 2126: 2123: 2121: 2118: 2116: 2113: 2111: 2108: 2106: 2103: 2101: 2098: 2096: 2093: 2091: 2088: 2086: 2083: 2081: 2078: 2076: 2073: 2071: 2068: 2066: 2063: 2061: 2058: 2056: 2053: 2051: 2048: 2046: 2043: 2041: 2038: 2036: 2033: 2032: 2029:Intellectuals 2026: 2025: 2018: 2017:Technological 2015: 2013: 2010: 2008: 2005: 2003: 2000: 1998: 1995: 1993: 1990: 1988: 1985: 1983: 1980: 1978: 1975: 1973: 1970: 1968: 1965: 1963: 1960: 1958: 1955: 1953: 1950: 1948: 1945: 1944: 1938: 1937: 1930: 1927: 1925: 1922: 1920: 1917: 1915: 1912: 1910: 1907: 1905: 1902: 1900: 1897: 1895: 1892: 1890: 1887: 1886: 1880: 1879: 1872: 1869: 1867: 1864: 1862: 1859: 1857: 1854: 1852: 1849: 1847: 1844: 1842: 1839: 1837: 1834: 1830: 1827: 1825: 1822: 1820: 1817: 1816: 1815: 1812: 1810: 1809:Institutional 1807: 1805: 1802: 1800: 1797: 1793: 1790: 1789: 1788: 1785: 1783: 1780: 1778: 1775: 1774: 1768: 1767: 1760: 1757: 1755: 1752: 1750: 1747: 1745: 1742: 1740: 1737: 1735: 1732: 1730: 1727: 1725: 1722: 1720: 1717: 1715: 1712: 1710: 1707: 1705: 1702: 1700: 1697: 1695: 1692: 1690: 1687: 1685: 1682: 1680: 1677: 1675: 1672: 1670: 1669: 1668:Laissez-faire 1665: 1663: 1660: 1658: 1655: 1653: 1650: 1648: 1645: 1643: 1642:Authoritarian 1640: 1638: 1635: 1634: 1628: 1627: 1620: 1617: 1615: 1612: 1610: 1609:Surplus value 1607: 1605: 1602: 1600: 1597: 1595: 1592: 1590: 1589:Privatization 1587: 1585: 1582: 1580: 1577: 1575: 1572: 1570: 1567: 1565: 1562: 1560: 1557: 1555: 1552: 1550: 1547: 1545: 1542: 1540: 1537: 1535: 1532: 1530: 1527: 1525: 1522: 1520: 1517: 1515: 1512: 1510: 1507: 1505: 1502: 1500: 1497: 1495: 1492: 1490: 1487: 1485: 1482: 1480: 1477: 1475: 1472: 1470: 1467: 1465: 1462: 1460: 1457: 1456: 1450: 1449: 1446: 1443: 1442: 1438: 1434: 1433: 1423: 1418: 1416: 1411: 1409: 1404: 1403: 1401: 1400: 1395: 1390: 1385: 1383: 1378: 1373: 1372: 1371: 1370: 1361: 1358: 1356: 1353: 1351: 1348: 1346: 1343: 1341: 1338: 1336: 1333: 1332: 1324: 1323: 1314: 1311: 1309: 1306: 1304: 1301: 1299: 1296: 1294: 1291: 1289: 1286: 1284: 1281: 1279: 1276: 1274: 1271: 1269: 1266: 1264: 1261: 1259: 1256: 1254: 1251: 1249: 1246: 1244: 1241: 1240: 1232: 1231: 1219: 1218: 1214: 1209: 1208: 1204: 1199: 1198: 1194: 1189: 1188: 1184: 1179: 1178: 1174: 1169: 1168: 1164: 1159: 1158: 1154: 1149: 1148: 1144: 1139: 1138: 1134: 1129: 1128: 1124: 1123: 1115: 1114: 1105: 1104:Curtis Yarvin 1102: 1100: 1097: 1095: 1092: 1090: 1087: 1085: 1082: 1080: 1077: 1075: 1074:Wendy McElroy 1072: 1070: 1067: 1065: 1062: 1060: 1057: 1055: 1052: 1050: 1047: 1045: 1042: 1040: 1037: 1035: 1032: 1030: 1027: 1025: 1022: 1020: 1017: 1015: 1012: 1010: 1007: 1006: 998: 997: 988: 985: 983: 980: 978: 975: 973: 970: 968: 965: 963: 960: 958: 955: 953: 952:Privatization 950: 948: 945: 942: 938: 934: 930: 926: 922: 918: 914: 911: 909: 906: 904: 901: 899: 896: 894: 891: 889: 886: 884: 883: 882:Laissez-faire 879: 877: 874: 872: 871:Individualism 869: 867: 864: 862: 859: 857: 854: 852: 849: 847: 844: 842: 839: 837: 834: 832: 829: 827: 824: 822: 819: 817: 814: 812: 809: 807: 804: 803: 795: 794: 785: 782: 778: 775: 773: 770: 768: 765: 763: 760: 759: 758: 755: 753: 750: 746: 743: 741: 738: 736: 733: 732: 731: 728: 726: 723: 722: 714: 713: 709: 705: 704: 701: 698: 697: 693: 689: 688: 678: 673: 671: 666: 664: 659: 658: 656: 655: 650: 645: 640: 638: 633: 628: 626: 621: 616: 615: 614: 613: 606: 603: 601: 598: 596: 593: 591: 588: 586: 583: 581: 578: 576: 573: 571: 568: 567: 561: 560: 553: 550: 548: 545: 543: 540: 538: 535: 533: 532:Roger Douglas 530: 528: 525: 523: 522:Ronald Reagan 520: 518: 515: 513: 510: 508: 505: 503: 500: 498: 497:Louis Rougier 495: 493: 490: 488: 485: 483: 480: 479: 473: 472: 465: 462: 460: 457: 455: 452: 450: 447: 445: 442: 441: 438:Organizations 435: 434: 427: 424: 422: 419: 417: 414: 412: 409: 407: 404: 402: 399: 397: 394: 392: 389: 387: 384: 382: 379: 377: 374: 372: 369: 368: 362: 361: 354: 351: 349: 346: 344: 341: 339: 336: 334: 333:New Democrats 331: 329: 326: 324: 321: 319: 316: 314: 311: 310: 304: 303: 296: 293: 291: 288: 286: 283: 281: 278: 276: 273: 271: 268: 267: 261: 260: 253: 250: 248: 245: 243: 240: 238: 237:Single market 235: 233: 232:Shock therapy 230: 228: 225: 223: 220: 218: 217:Privatization 215: 213: 210: 208: 205: 203: 202:Marketization 200: 198: 195: 193: 190: 188: 187:Globalization 185: 182: 178: 175: 173: 170: 168: 165: 163: 160: 158: 155: 153: 150: 148: 145: 143: 140: 138: 135: 133: 130: 128: 125: 124: 118: 117: 114: 113:Neoliberalism 111: 110: 106: 102: 101: 98: 96: 92: 91: 90:laissez-faire 87: 83: 79: 69: 66: 58: 48: 44: 38: 37: 32:This article 30: 21: 20: 3311: 3281: 3260: 3230: 3209: 3187: 3168: 3146: 3129: 3101: 3080: 3067: 3060: 3050: 3031: 3015: 3009: 2997:. 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Index

citation style
citation
footnoting
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unregulated
laissez-faire
free-market capitalist
politics series
Neoliberalism
Austerity
Balanced budget
Denationalization
Deregulation
Economic freedom
Economic integration
Economic interdependence
Economic liberalization
Foreign direct investment
Free markets
Free trade
area
Globalization
Intellectual property
Laffer curve
Marketization
Market economy
Mundell–Fleming model
Privatization
Public–private partnership
School vouchers

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