5 ms·
> "Market" is just another way of saying "Power differential." Oh come on. This is a cynical or Marxist take, but it's pretty obviously untrue. A flea market,
by prewett 4y ago
> "Market" is just another way of saying "Power differential."
Oh come on. This is a cynical or Marxist take, but it's pretty obviously untrue. A flea market, farmers market, FB marketplace doesn't have a substantial power imbalance. A market may have a power imbalance, but it is not required. People can exchange goods/services at equal power, and routinely do so. And if I understand economics correctly, that's the purpose of a "free" market: no artificial power imbalances.
- mcv 4y agoThis is an important point: according to Adam Smith, a free market is a market without power imbalances, a market on which everybody can trade as equals, with transparency. He was fully aware that companies would try to dominate the market, make it less free, form cartels, and generally conspire against the interests of consumers, workers and other smaller players on the market. He even suggested that workers may have to get organised in order to counter the power imbalance posed by corporations. It's only later laissez-faire and neoliberal capitalists that turned "free market" synonymous with a lack of regulation and a playground for the biggest and most powerful companies.
- deleted 4y ago[deleted]