…[take] the human being out of the market entirely, then we should have a proper, effective and efficient market…?
So might go the refrain of Neo-liberal economics, or at least a slightly different take on the Neo-liberal ideal of ‘every interaction should be a market transaction‘.
That Neo-liberal economic refrain is part of the inspiration behind the creation of the ‘Soul of the Market’ or rather theMarketSoul and this site.
With this last post of 2013, we thought a bit of reflection and a reminder of our inspiration and founding philosophy might be in order.
In order for a market to be effective, there has to be a few ripples in the ebbs and flows of the transactions and interactions making up the market processes. Therefore, we have to be able to tolerate human frailties and flaws, or else the market becomes too mechanistic and dare we say it preordained. This can naturally not be an effective outcome for any market. Human failings and market failure are two sides of the same coin. However, we should work together in order to limit the inevitable damage and negative consequences of both human and market failure. This does not necessarily translate into more regulation, might we add at this juncture.
Let us never forget this and celebrate process frailty, failure, learn to develop and embrace tolerance, persistence and perseverance; basic elements of human nature…
We should never forget our inspiration, put it to aspiration and strive to achieve our own unique and specific dreams.
Go, Inspire, Aspire and Achieve…
Our final word of 2013 is:
- Bart Chilton Says Goodbye – The Essence of NeoLiberalism and the Sorcerer’s Apprentice (jessescrossroadscafe.blogspot.com)
- Scrutinizing market failure through microeconomics (edwardcollin742.wordpress.com)
- What is neo-liberalism (bruneljournalism.wordpress.com)
- New-liberal Capitalism (dissidentvoice.org)
- Henry Farrell Argues Against Left Neoliberals Like Me… (delong.typepad.com)
- Susan George: austerity means socialising losses and privatising profits – Guardian video (inquiringminds.cc)
- Polanyi on the Persistence of Economic Dogma (geoffkennedy.org)