One of the great myths of modern capitalism is that markets work. Moreover, they supposedly work on the way that economists like to think they do. The Conservative Party is built on that myth. So too is the American Dream.
Because he has the economic knowledge of a pigeon, he's obviously a socialist and spends all his time bleating on his socialist blog about how Capitalism is evil and doesn't work
Neither the English or American Governments believe that markets work, because they are always meddling in them. If they really thought the markets worked, they would leave them alone to, well, work. But they don't, they interfere in the markets at every little opportunity they can get. Very little happens in the world of business and economics that isn't regulated to some degree by the state
Murphy and his ilk love to say that real socialism has not yet been tried, even though it's plainly obvious to most pigeons that it's been tried and failed many times over, but one thing we can say with certainty, is that Free Market Capitalism has never been tried
When I studied economics at college, I learned the surprising fact that the economy that came the closest ever to being a free market, was Hong Kong. If I had to guess (and I think I did) I would have said America. And I would have been wrong
Since then, successive Governments the world over have tightened the reins on business and economics, slice by slice, taking us ever further away from that holy grail of the free market
The myth suggests that anyone can build a business from scratch, entering a market of their choice and end up, with hard work and determination, making a fortune.
This is not true. Modern capitalism has evolved to make sure that markets do not work.
The idea of Free Market Capitalism may indeed say anyone with a good idea and the determination to see it through can build a business and become a success, but as I've stated, we do not live in a free market. It's is not Capitalism that has evolved to make sure the markets don't work, it's Government
A free market requires low taxation, minimal regulation and minimal Government interference (preferably zero), but we have the highest taxation, most stringent regulation and most Government interference, ever in history. And it's probably the same for most countries
The markets may well be failing, but the cause is not Capitalism, it's Government. And idiots like Richard Murphy
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