The Eclipse of Market Liberalism
Photo by Karine Germain on Unsplash
Thirty years ago a belief in the superiority of a market organization of economic activity triumphed. Now, the market is coming under serious and sustained attack. What has happened?
A superficial explanation is that the 2008 financial crisis destroyed confidence in the superiority of markets. However, the eclipse of the market is occurring for more fundamental reasons. This blog looks at those reasons.
We live in a world of information overload. On the one hand we need to distinguish between the true and the false. On the other hand we don’t want to spend too much time doing so.
In these circumstances we often turn to benchmarks for guidance. Benchmarks have become pervasive in modern life. However our dependence has not attracted much attention. It should.