3 ms·
The actual original meaning (and the one that still makes sense) of free markets was “free from economic rent” as sections of the economy were monopolies grante
by droopyEyelids 2y ago
The actual original meaning (and the one that still makes sense) of free markets was “free from economic rent” as sections of the economy were monopolies granted by the king.
Those free markets really did benefit the people and the country. And they were compatible with taxes and tariffs.
Bezos is using the corrupted modern meaning, “free to charge economic rent” because he wants amazon to capture a greater share of global economic activity
- jaredklewis 2y agoI agree with you about the term's original usage, but I don't think that is the modern meaning. Usage varies, but most commonly "free market" refers to an economy that is not centrally planned. All economies have at least some level of central planning, as well as at least some degree of economic freedom for participants, so the term is somewhat like the usage of "right" and "left" in politics, where it just indicates which side of a center line someone or something falls. Any market on the free-er side of the "center" can be described as a "free market." So it has basically just become an antonym of socialism. I don't think it necessarily implies anything about a tacit approval of rent seeking in the economy.
- droopyEyelids 2y agoI take your point, and that (i think you would agree) loose anti-socialism definition you explained is a big part of it. But i think the subtext in modern usage is also “the right to operate a private toll on the economy” especially when its Bezos advocating it.