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Topic: Market fundamentalism

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	ZNet Commentary: Globalisation And Its Fall Out
		This fundamentalism redefines life as commodity, society as economy, and the market as the means and end of the human enterprise.
		The market fundamentalism of globalization and the economic exclusion inherent to it is giving rise to, and being reinforced and supported by politics of exclusion emerging in the form of political parties based on "religious fundamentalism"/xenophobia/ethnic cleansing and reinforcement of patriarchies and castism.
		The fundamentalism of the market and the fundamentalism of ideologies of hate and intolerance are rooted in fear -- fear of the other, fear of the capacity and creativity of the other, fear of the sovereignty of the other.
	www.zmag.org /sustainers/content/2003-04/02shiva.cfm (1432 words)

	THE FIRST ARTICLE ABOUT MARKET FUNDAMENTALISM
		Because the market economy itself has changed significantly, and today differs from what it was in the 18th and 19th centuries, the question arises concerning what type of market economy should be chosen.
		He suggested that the market economy is unstable by nature, and for this reason, it is necessary that the government intervene actively in the ongoing processes.
		This means that any country build its economy on the principles of market fundamentalism risks becoming a poor and underdeveloped state in a world in which only the nations that invest in the development of their most talented representatives continue to progress.
	www.geocities.com /bkumran/index.htm (2764 words)

	Market fundamentalism - Wikipedia, the free encyclopedia
		Market fundamentalism (or free-market fundamentalism) is a term coined by George Soros, to criticize the philosophy that the free market is always beneficial to society.
		It refers to the idea that the free market is always beneficial to society, that the common good is always best served by market forces.
		They argue that where the market works for the public interest, it should be allowed to do so, and where markets work against the public interest, state regulation should step in.
	en.wikipedia.org /wiki/Market_fundamentalism (302 words)

	TAP: Vol 13, Iss. 13. Market Extremists Amok. Kevin Phillips. (Site not responding. Last check: 2007-10-13)
		Market mania has emerged as the both the pivotal crippler of U.S. democracy and the driving force behind the upward redistribution of U.S. wealth.
		The essential historical lesson is that markets are comparatively new and still-tentative institutions, given to flawed performances and erratic emotions that more than match the weaknesses of politics and government.
		Still, the cautions befitting the market's dubious background were pushed aside in the 1980s, as a curious mix of zealots and self-servers decided to exalt markets in general -- and the financial markets in particular -- into the premier institutions of American governance.
	www.prospect.org /print/V13/13/phillips-k.html (1493 words)

	Reframing the Political Battle: Market Fundamentalism vs. Moral Economy — Longview Institute
		Market Fundamentalism ultimately rests on a fairy tale in which each person’s pursuit of his or her self-interest automatically serves the common good.
		Market Fundamentalism hides the fundamental reality that actual markets work because of a structure of legal and moral constraints that people have constructed over the decades to avert the disasters produced by excessive greed.
		Market Fundamentalism is so dangerous because it strips away all of the mechanisms and moral understandings that protect us from runaway and unregulated markets.
	www.longviewinstitute.org /projects/moral/sorcerersapprentice (3106 words)

	The Crisis of Global Capitalism by George Soros
		Yet market fundamentalism is constantly attempting to extend its sway into these regions, in a form of ideological imperialism.
		According to market fundamentalism, all social activities and human interactions should be looked at as transactional, contract-based relationships and valued in terms of a single common denominator, money.
		Market fundamentalism seeks to abolish collective decision making and to impose the supremacy of market values over all political and social values.
	www.thirdworldtraveler.com /Global_Economy/Crisis_Capitalism_Soros.html (3146 words)

	Faculty -- Steven Ramirez -- Publications -- Market Fundamentalism's Fiasco: Globalization as Exhibit B in the Case for ... (Site not responding. Last check: 2007-10-13)
		emphasizing free markets, or market liberalization, and minimal government intervention in the economy, is the direct spawn of the efficiency obsession that dominates law and economics.
		The final element of market fundamentalism is market liberalization--meaning the removal of government interference in financial markets and the removal of trade barriers.
		Markets cannot provide adequate funds for education because the full benefits of an educated citizenry are so diffused throughout society.
	washburnlaw.edu /faculty/ramirez-s-fulltext/2003-24mich831.php (9106 words)

	Catallarchy » Free-market fundamentalism
		Free markets aren’t really any ’special entity’ or ‘invention’ or ‘policy’; they are simply people freely exchanging their stuff.
		Economic free market advocates should see no wrong with these free exchanges, unless you want to argue that there is an addiction involved (which, at least in the case of crack, is likely).
		Economic free marketeers are notorious for defending the free flow of capital and trade, and securing political support for it (even though this support can be challenging to get), but conveniently drop the free flow of labor, because it’s pretty much politically impossible.
	catallarchy.net /blog/archives/2003/08/06/free-market-fundamentalism (2416 words)

	3rd Ear Music Forum - For Humanity And Against Market Fundamentalism
		Market fundamentalism is, in essence, the imposition of a global 'freee market' in which regulation by governments is radically diminished.
		Many people bought into the idea, punted with evangelical zeal, that all regulation of the market is pernicious political interference and that the natural state of the market is to be free.
		Leading intellectuals are denouncing market fundamentalism with increasing frequency and passion and perceptions are shifting rapidly.
	www.3rdearmusic.com /forum/marketfund.html (1651 words)

	School of Law Faculty: Brett M. Frischmann - Unpublished Op-Ed (Site not responding. Last check: 2007-10-13)
		Because it simply would be ludicrous for society to rely on market actors to effectively supply these goods and services, the government supplants the market and acts as the supplier.
		Market infatuation has driven policy makers to minimize the role of government and maximize the role of the market in infrastructure industries.
		To overcome the power of the free market fundamentalism, it seems we must wait for ominous predictions of a crisis to come true.
	www.luc.edu /law/faculty/docs/frischmann_oped_market_infatuation.shtml (768 words)

	Market Fundamentalism: A review of Joseph Stiglitz's Globalization and Its Discontents - Council on Foreign ...
		Throughout the 1990s, they were everywhere: Markets would tremble at the slightest catch in Alan Greenspan's voice; teams from the International Monetary Fund would fly into poor countries to revamp their economies; and finance ministers would appear on television as often as prime ministers.
		Stiglitz's bete noire is the economic approach taken since the 1980s by the World Bank and the IMF, which he terms "market fundamentalism." Most basically this is the belief, prominent during the conservative ascendancy of the Reagan and Thatcher years, that free markets are always the best way to resolve economic problems.
		Stiglitz argues that such an approach neglects the fact that markets work poorly when institutions are weak and economic information is not widely available— conditions which prevail in most of the developing world.
	www.cfr.org /publication/4663/market_fundamentalism.html (1211 words)

	Democracy, Governance and Market Fundamentalism
		In a world of dizzying changes in markets, civil societies, and global forces, the state is under pressure to become more effective, but it is not yet adapting rapidly enough to keep pace.
		Yet market fundamentalism is constantly attempting to extend its sway into these regions, in a form of ideo-logical imperialism.
		According to market funda-mentalism, all social activities and social interactions should be looked at as transactional, contract-based relationships and valued in terms of a single common denominator.
	www.southcentre.org /info/southbulletin/bulletin01/bulletin01-08.htm (1017 words)

	Instability in Market & lack of social responsibilty, warns George Soros
		Financial markets are characterized by booms and busts and it is quite amazing that economic theory continues to rely on the concept of equilibrium, which denies the possibility of these phenomena, in face of the evidence, and this evidence is not the result of external shocks (xxiv).
		Market forces, if they are given complete authority even in the purely economic and financial arenas, produce chaos and could ultimately lead to the downfall of the global capitalist system.
		While nations can exert some control over market forces within their border, there is lack of a global government to oversee for the global good the operation of market forces.
	skeptically.org /polrec/id20.html (1729 words)

	A Moral Economy
		Roosevelt made the initial break with Market Fundamentalism on his own, and it was only later that the Keynesian revolution in economics legitimized his path.
		This is something that Adam Smith, one of the patron saints of Market Fundamentalism, understood, but it is a lesson that his contemporary followers have completely forgotten.
		Market Fundamentalists are the utopians; they imagine that the market magically transforms everyone into angels who can be trusted to do the right thing.
	www.commondreams.org /views06/0312-22.htm (2171 words)

	No Mandate for Market Fundamentalism — Longview Institute
		Supermajorities seem to understand that the labor market is shaped by rules and regulations and that society has a moral obligation to protect low wage workers from the superior bargaining power of giant corporations.
		Milton Friedman, the high priest of market fundamentalism argued in the New York Times (January 11, 1999) that social security should be replaced with a private and entirely voluntary system of retirement savings.
		Market fundamentalists believe that all those who haven’t saved enough for a secure retirement should be sentenced to an old age of anxiety and deprivation, but this belief violates our fundamental values.
	www.longviewinstitute.org /research/block/nomandate (1014 words)

	Foldvary: Confessions of a Market Fundamentalist
		'Market fundamentalism' is the belief that free markets provide the greatest possible equity and prosperity, and that any interference with the market process decreases social well being.
		Soros believes that financial markets are inherently unstable, and that market fundamentalism has made the global economy unsound and unsustainable.
		In contrast, true market fundamentalists have the consistent and clear belief that markets are voluntary, and so the imposed policies of government are interventions and not part of the market.
	www.progress.org /2004/fold348.htm (1124 words)

	Soros warns of "market fundamentalism"
		The global capitalist system was based on the belief that markets, if left to their own devices, would tend to return to an equilibrium position.
		We are bereft of the capacity to preserve peace and to counteract the excesses of the financial markets.
		According to Soros, the chief danger to stability is the emergence of what he calls "market fundamentalism"-- the belief that the common interest is best served by individual decision-making and that attempts to maintain the common interest by collective action distort the market mechanism.
	www.wsws.org /news/1998/dec1998/soro-d22.shtml (1230 words)

	Labor eHerald: Labor rejects Howard's fundamentalism
		The Prime Minister's fundamentalism is driven in large part by the neo-liberalism of Friedrich Hayek, who argued that the only determinant of human freedom was the market.
		But this is entirely consistent with the Prime Minister's market fundamentalist view that higher education opportunities should be made more and more captive to market forces rather than made available to all young people based on their ability, not their socioeconomic background.
		Apart from these three clear examples of market fundamentalism under Howard's leadership, his overall problem is that after 10 years in office he is showing signs of policy and reform fatigue.
	eherald.alp.org.au /articles/1206/natp22-02.php (1218 words)

	Left2Right: market fundamentalism (Site not responding. Last check: 2007-10-13)
		The market always exists, and to the extent people act without the coercion of anything but their conscience, everything is done in a free market.
		The title of the article is "market fundamentalism," which seems to imply that (classical) liberals and conservatives have a fundamental faith in freedom: specifically, free markets.
		Calling someone a market fundamentalist is insulting and shows an attribution bias and a belief that you arrive at your own conclusions logically while other people arrive at their own conclusions based on feelings and desperation.
	left2right.typepad.com /main/2004/12/market_fundamen.html (13329 words)

	AlterNet: Poverty, Market Fundamentalism and the Media
		It can be compared to any other religious fundamentalism in that it has its temples and churches, its popes and pundits, its higher and lower clergy, its conflicting denominations in IMF and the World Bank.
		It is fundamentalism of the most devastating kind and it has done more damage to human life than any other fundamentalism in the preceding decade.
		We're going to have to challenge and confront the mindset of market fundamentalism: the idea that market is God and growth is gospel.
	www.alternet.org /story.html?StoryID=11059 (1940 words)

	AlterNet: Creating a Moral Economy
		Market fundamentalism -- a dogmatic belief in the power of Adam Smith's "invisible hand" to create prosperity -- survived the Republicans' electoral defeat.
		Markets assume that only the buyer and seller in a transaction matters and that everything else is dismissed as an "externality" which doesn't matter (ask anyone who lost a loved one from second-hand cigarette smoke if externalities don't matter).
		There's the idea of reforming markets, which we may have to follow at least in the short term until efforts to abolish markets can expand, but my fear is that market reform efforts without an eye toward abolitionism would constantly be on the defensive.
	www.alternet.org /story/33477 (5004 words)

	030599 (Site not responding. Last check: 2007-10-13)
		Fundamental differences emerged between the International Monetary Fund's first deputy managing director, Stanley Fischer, and Thai academics during a spirited roundtable discussion on the weekend, with the former arguing in favour of market fundamentalism and the latter advocating non-market principles.
		Restoring market confidence lies at the heart of the International Monetary Fund (IMF) programme to revive the moribund Thai economy.
		Banthoon's willingness to bite the bullet by striving to adhere to free market principles has allowed TFB to survive the crisis better than other commercial banks.
	members.tripod.com /thanong/030599.htm (798 words)

	Asiaweek.com
		The question here is whether the surge of market fundamentalism during the last two decades or so would prove to be as unsustainable as the laissez-faire of the gold-standard period.
		George Soros, for one, believes that market fundamentalism will turn out to be as temporary as the pre-1913 victory of markets over social and political institutions.
		The contemporary version of laissez-faire ideology - market fundamentalism - was implemented by new conservatives such as Thatcher, Reagan and Kohl, revitalizing financial markets like London and New York as the nucleus of global capitalism.
	www.pathfinder.com /asiaweek/99/0205/feat8.html (1139 words)

	Market economics, fundamentalism and Australia’s ‘free-market club’
		Anti-market activists contrive to smear market economics by using the terms “market fundamentalism” and “economic fundamentalist”.
		The term “fundamentalist” is clearly designed to convey the impression that market economics is nothing more than a “quasi-religious” or “ideological” mode of thought masquerading as a respectable discipline.
		Dictionaries will tell you that fundamental means basic, roots foundations, etc, where as fundamentalist refers to a religious movement that teaches the infallibility of the Bible.
	www.brookesnews.com /061202stone.html (571 words)

	Resisting Market Fundamentalism! Ending the Reign of Extremist Neo-Liberalism
		Market fundamentalism isn’t new, of course: the ideas were born in the 18th
		market fundamentalism is that the former makes its claims for codes of
		Or is it that the doctrine of market fundamentalism, and
	www.50years.org /cms/ejn/story/61 (1941 words)

	The Hindu : Market fundamentalism
		The term `free market' is an oxymoron in the context of a fast globalising world.
		The ineffectiveness of the current paradigm is borne out by the exploitation of the developing world through economic neo- colonialism by the developed countries with the help of the WTO and Bretton Woods institutions.
		Working within the narrow confines of self-interest maximisation the older model of market economics is largely devoid of the social and ethical considerations as rightly pointed out by Mr.
	www.hinduonnet.com /2000/10/04/stories/05041307.htm (258 words)

	Middle East Report Online: The IMF and the Future of Iraq, by Zaid Al-Ali
		In their proposal to write off some of the debt, the Paris Club members took advantage of the opportunity to impose conditions that could bind the successor government in Baghdad to policies of free-market fundamentalism.
		The mass flight of foreign capital from Southeast Asia was possible mainly because many of these countries had undertaken capital market liberalization reforms prior to 1997 -- upon the advice of the IMF.
		To make matters worse, and despite all the attention garnered by the Paris Club negotiations, most of the debt incurred by the deposed regime is not actually owed to Paris Club members.
	www.merip.org /mero/mero120704.html (2776 words)

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