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The Tyranny of the Market

The Tyranny of the Market. W[h]ither the Nation-state?. Marx [or was it Engels?]. “The state will wither away” Was this the state as “executive committee of the bourgeoisie”? Or as an instrument of class oppression? Or did he really mean what anarchists mean?. Globalisation.

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The Tyranny of the Market

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  1. The Tyranny of the Market W[h]ither the Nation-state?

  2. Marx [or was it Engels?] • “The state will wither away” • Was this the state as “executive committee of the bourgeoisie”? • Or as an instrument of class oppression? • Or did he really mean what anarchists mean?

  3. Globalisation • Are we moving to a single global market? • Does that mean forget national and regional markets? • And does that demand global governance, rather than regional or national?

  4. Would Marx agree with Friedman and Hayek? • Capitalism is supposed to create the conditions necessary for socialism • The revolution is an international one • So capitalism must presumably create an international state for the proletariat to overthrow. • “Man creates his own history but in conditions not of his own choosing” • So F and H may be friends of Karl!

  5. Friedrich Hayek • Austrian, 1899-1992 • Chicago after 1950. Previously at LSE • Anti-Keynesian/ free market economist • Law Legislation and Liberty 3 vols 1973-9 Keith Joseph gave a copy to all civil servants in DTI when he became sec of state in 1979

  6. Milton Friedman • New Yorker 1912- • Theoretical Economist • Monetarist • founder of “Chicago School” • Governments should not intervene in the workings of the market • Studies in the Quantity Theory of Money

  7. Hayek recognises the existence of market failure specifically to provide collective goods Friedman that the market can be relied upon to generate not only the best world but the best of all possible worlds The Market

  8. Hayek: the market and therefore inequality is justifiable individuals do not deserve their lot market can be cruel and unfair: hard work and bright ideas not always rewarded money is not a measure of human worth Friedman the distribtion of income found in a capitalist society is just in that it reflects the different talents abilities and efforts of the people in that society Fairness and Justice

  9. Hayek state has a role in licensing quality must be guaranteed services must be contracted out Friedman State should be kept to a minimum market will guarantee quality services must be privatised The State

  10. Issues • Pollution • Can government prevent deforestation? • The safety-net • caveat emptor? • How do you form an army? • Or: if the state no longer has a monopoly of coercive force, is it a state?

  11. In conclusion • Is the nation state withering away? • Is Marx about to make a come-back? • Is there an era of regional superstates around the corner, or a world state? • Or is the term “state” redundant? • “The executive committee of the global corporations” what will it look like and what power will it have?

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