this post was submitted on 18 Jul 2024
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Yeah this is exactly what free market lunatics on the right don’t understand. Monopoly isn’t a free market. Free markets simply cannot exist without regulation to prevent unfair business practices.
Also any reasonable economist can tell you that the free market does not solve issues like the tragedy of the commons, because negative externalities are not factored in. It is also the government’s job to ‘internalize’ externalities so companies actually see the costs of, for example, polluting our air and water.
TLDR: free market != unregulated market
I respect your reasoning, though I disagree about free markets being better than a democratically managed economy. I think free markets are inherently oppositional to a cooperative society, and that the myth of the commons was invented as a justification for capitalism.