For decades, the free market was lauded for fostering enterprise and pulling millions of people out of poverty. Today, as younger generations struggle to achieve the prosperity of their parents, there’s an increasing debate about the pitfalls of a pull-yourself-up-by-your-bootstraps mentality. In this episode of Business Beyond, we examine the growth in big government around the world, looking at the impact of US President Joe Biden’s Inflation Reduction Act, and how climate change, the Covid-19 health emergency and the energy crisis triggered by Russia’s war in Ukraine are shifting attitudes towards the government’s role in society. Featuring expert analysis from former WTO Chief Pascal Lamy, historian and author Jacob Soll, Rakeen Mabud of Groundwork Collaborative, economist Jakob Hafele and CEO of the Roosevelt Institute Felicia Wong.
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#freemarket #economics #nationalism
46 Comments
The US gave away manufacturing jobs to the world for two generations. The preaching of the free market is a political tool used in the US to gain power and driven by greed gain corporations moved manufacturing in US to developing counties. The middle class were the losers in the US. Reagan, Clinton, Obama were all wrong. Their economic polices made Americans poor, without hope of having the American dream. Screw the free market. It does not work here or really anywhere.
Activities administered by the State when they are not subject to competition gradually lose their productivity, whether that of investments or that of human resources.
State action should therefore consist of a set of regulations which adds a parameter to the calculations of speculators and strategists but does not distort the free play of competition on the markets. If State intervention is highly desirable, the State must not replace private actors in production and finance.
Korea most polarized country with highest suusicde rate, most shrinking population ended up rightest pacist government. You envy this?
There is no "free market", what you have are business monopolies and oligarchs running the economy. You either play by their rules or you are out of business quickly. I forgot to mention there has been plenty of automation in many industries and the average person gets to lose their job.
I don't understand? Why would the government write a check for $400 billion and watch it go to Germany and the others? Heck, that would be cruel to the US.
I believe that Donald Trump is a far better person and a very good candidate for being President of the USA, so far Joe Biden has been nothing but a catastrophy, he is unable to move his country up in the economic sector. Plus I personally hate the WOKE behavior of those US democrats, Joe Biden is a communist and an uncompetent person, the son of Joe Biden is a cocaine and hooker addict, which shows what the education of Joe Biden looks like.
Inflation reduction act is main source of Inflation. Therefore still in 2023 there is so much inflation.
as a socialist the free market isn't free and the YTber second thought talked about that and that couldn't be further from the truth
Very good overview, thank you.
If I had to choose 1 point to spend a couple more minutes on, it is the wealth decline of the majority and the policies that contributed. This is important to understand so it can be tackled as soon as possible. Workers that receive incomes that keep pase, have renewed abilities to build personal wealth, and those better incomes and wealth pay taxes to our governments for the state support being discussed. Defunding workers, corporations avoiding taxes, which reduces public funding through less tax being paid, and these propper wage increases are staying with the corporations as their income to pay dividends to those already wealthy. The systems that tried to protect us all, like in covid, and build our roads and hospitals and schools, has been shortcut and defunded.
Workers pay the most taxes. Since the corporations don't pay, won't pay, to prioritise paying shareholders, pay the people who are doing the work, who pay the most in taxes. This will only increase social stability.
Seriously we haven’t had a ‘free market’ for at least 100 years except for the speeches of Margaret Thatcher and Ronald Reagan… and they said that to beat private sector labor unions and the true planned economy, the Soviet Union.
i am elated that we are going back to a more NORMAL economy. Small govt is a lie
Free market is a good theory if nothing goes wrong. Much like how capitalism is great if everyone alive are perfect people.
It's basically the same for government intervention – too much of it and you get dictatorships, but too little the country will just dissolve.
South Korea is a corporate dystopia.
The US market has become more national protective over the years. Meanwhile the EU had been signing one free trade agreement after another. Just not with the US – because they are too protective and think they can dictate the rules.
15:17 He's referring to libertarians and in fact anarcho-capitalists here. Most of self proclaimed ones that I came across in my time seemed to be emotionally damaged people seeking relief in these extreme ideas. So you want no government? Really, you mean like Afghanistan? I'm glad you're exercising your right to free speech, but what you're suggesting is simply against humanity. If you abolish the state then eventually groups like the Taliban will serve that societal need.
Nahhh…it’s just a cycle.
There really wasn't a free market to begin with…
Inflation reduction act is copy of Chinese policy
The biggest problem is the Stock Market it is where all the wealth is funeled through banks, insurance companies, and investment firms, their greed is insaitable and their loyalty is to that greed.
As long as it is beneficial to the decision makers, they'll be the advocate of free markets. The same with competition. As long as your companies are winning the "competition" it is good, after they are beaten then competition is no longer as supported.
09:35 Well, the US could freely blow up Nordstream 2. Of course the EU is not going to escalate something such a small issue.
Shifting away from the free market is a mistake. They tried that in the 1930s, and it made the Great Depression much worse and way longer.
Free market? More like international anarchy and lack of effective global governance
of course its the Germans promoting this garbage. no matter how they try authoritarianism is just in their nature. their history proves it
All these subsidies do is enable technology that isn’t ready for the market to be put out. Nobody would invest private funds into solar without government help. Subsidies forward a big government agenda. Not what people actually need and want. Only the free market provides the needs of the people accurately and proficiently.
How have all those government subsidies worked out in China? So much money has been wasted. And this IRA Green New deal money will be no different
This guy is talking about Somalia and no state. Nobody in their right mind is advocating for that. The government has basic responsibilities in setting the rules for the game. But when it starts picking winners and losers through massive subsidization, that's where things go very wrong.
When Adam Smith wrote the Capitalism Bible, he didn't describe a pure unbridled free market. His model provided for a lot of things to reign in wild free markets. One was government intervention for externalities. The government decrees regulations to prevent dumping toxic waste in streams and swimming pools to combat negative externalities. For positive externalities, the government can provide subsidies and investment like for drug development and research. Also Adam Smith provided for public goods roads, education, police and parks.
Ever since then we've been trying to find the right balance along with arguing with each other along the way.
I thought they were going to take the direction that's it's not really a free market anymore because majority of industries are dominated by a few large multinational corporations. There isn't real competition anymore and many large corporations cooperate more than they compete to ensure they both maximize their profits and retain their market share. And it's very difficult to start a small business today and be able to compete with these larger corporations. And by the time you get big enough to be a marginal threat they buy you out, which hurts the consumer. Outside of inflation, this is another reason prices are so high because who else are you going to buy from?
8:40 Gravy train is over European welfare queens.
Europe has always had a protected economy. The US is now returning the favor
There was never any free market for all in the world. Whatever it was, was the western world exploiting the markets of the less developed world for a pittance in return .. & using institutions to restrict other nations from access to technology ..as well as imposing lopsided tariffs creating completely uneven fields of play. But still having the shameless audacity to call them "Free markets". Now that some of the exploited have started punching back a bit, the west is back to building philosophical narratives again blaming the hitherto exploited groups. And their remedy ? The same old tariff barriers. Hypocrites
Nothing more ironic than hearing EU country news organizations talk about protectionism lol.
Who is advocating for "no state" or becoming "Somalia"? That is the definition of a strawman 🤣
Yes. For countries levying sanctions at their own cost. The rest of the countries are doing very well with free trade.
The host should treat her anorexia
No. Just western dominance is dead, not the free trade.
There is no free market. In the past, the market was deformed by the interests of oil producers and manufacturers of cars, planes and weapons protected by the States. Now the States protect bankers' profits and the interests of microchip manufacturers and Big Techs. There has never been much room for respecting and protecting the interests of ordinary people. The market is the problem. The deformation of it by the State for the benefit of a few is not the solution.
Masks do not work, so we do not actually need mask production
This video omits a lot of information. For starters, the US already amended the IRA to include foreign EV vehicles eligible for the tax credits, if sold on lease. You could also mention how the EU is extremely protectionist in their agricultural policy, and their own vehicle industry.
You should bring on Peter Ziehan
This doc doesn't even touch the whole world about this subject. It just mention the eu and a little bit of the U.S. and China.👎
So the logic here is that if all that money pumped into solar panels/wind turbines were to be pumped into nuclear, we would have much smaller nodule reactors that are super efficient. Energy could already been extremely cheap.
The U.S. is a joke. It shouldn't exist.
states a "centrally planned economy, like China's" and shows Malaysia… LOL
Korea received a lot of money from Western countries through the IMF etc to rebuild. This money was directed into this major corporations.
Free markets are a myth. Corporations are mankind's greatest threat.