The vaunted 'Free Market' is largely a fraud.
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The vaunted 'Free Market' is largely a fraud. In order to have a true free market two conditions need to be met:
1) New vendors need to realistically enter the market.
2) Consumers need to realistically be able to not just choose between vendors but to be able to walk away from any purchase and forgo the product/service
The rise of the #oligarchs demonstrates how condition 1 fails to be met. Consolidation of businesses under #capitalism inevitably results in the entry cost for any new vendor becoming unrealistically high, leaving a few large companies to dominate the market.
Condition 2 is an even more egregious violation. Consumers can not realistically walk away from purchasing essentials (food, housing, internet, etc) and thus are not participating in a free market but a compelled market.
Thus it is best for essentials to operate under a planned economy with society as a whole operating under a hybrid economy with a private sector only existing where both conditions can be fulfilled.
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R relay@relay.mycrowd.ca shared this topic
