How the free market is failing

How save markets from eating themselves

Competition is a panacea to most economists. So surely expanding markets would enable more competition and in turn benefit us all. But reality hasn't lived up to the theory argues José Miguel Ahumada. Far from eliminating these excess profits or 'rent', neoliberalism expands opportunities for rentierism intrinsically, and this force shapes our lives and freedoms.

 

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We tend to think of inequality and precariousness as just a monetary problem that can be solved through redistributing income. While that is part of the solution, that view obscures the fact that is not only personal income the issue at stake, but a general trend of society toward multiplying the areas for rent production and exctraction. Think, for example, of Oriana, an Uber worker. Oriana has to pay between 25% and 30% of the income generated to her digital landlord – in return for this rent

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Ngawang Chophel 3 December 2023

agree that education and health services should be excluded from free market.