Saturday, October 11, 2008

The End Of Free-Market Fundamentalism

The focus of this blog is relationship between technology and politics, culture, and education. However, it is difficult not to comment on the incredible paradigm shifts that we are bearing witness to right now. One of the biggest and most under discussed is the end of Free-Market Fundamentalism. It ended when the government began bailing out Fanny Mae and Freddy Mac, AIG, and now the passage of the TARP proposal of $700 Billion for Wallstreet. The American government might even start buying equity stakes in Banks.

When considered as whole there has never been a bigger act of socialism in American history. Tax payer money is being applied to the problem as if were a defibrillator. Will be paid back? How much health care could have been paid for with this money? While those greedy individuals responsible ever be held accountable?

Here's a great video that highlights talks by economists on the end of Free-Market Fundamentalism.

2 Comments:

At December 26, 2008 at 4:54 AM , Blogger net3 said...

I liked the use of the word-concept, paradigm shift in the context you mentioned it. It remains to be seen whether it is really a paradigm shift, and as such, usher the beginning of a new era. And all the societies' upheld norms, coming out of free-market fundamentalism, which define and direct social acts, to be banished in the doldrums of history, even erased from our common memory, never to be 'visited' again, thrown overboard, completely forgotten.

 
At April 7, 2009 at 6:29 PM , Blogger Geoff Flarity said...

The shift is in the popular perception of free market fundamentalism. Its efficacy as a rationale and justification for global policy.

 

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