NightOwlFive years after killing a journalist in cold blood, Saudi Arabia is stronger than ever
AriaSaudi-led Opec Plus cartel decided to cut production by 2m barrels a day – the opposite of what Biden administration officials had pleaded with the Saudis to do. After the shock of that embarrassing announcement, which threatened to raise gas prices around the US midterm elections, Biden vowed: “There’s going to be some consequences for what they’ve done.”
I thought you liked the free market?
That classic free market system where a cartel has regular meetings to set production levels to maximise their profits.
A free market is a distinct concept from a perfect market. You’re describing a perfect market operating under ideal conditions.
A free market with laissez-faire policies lends itself directly to cartels and monopolies because a perfect market cannot exist without government intervention. Maybe you should’ve paid attention in ECON 101.
A free market is a distinct concept from a perfect market. You’re describing a perfect market operating under ideal conditions.
The free market is a theoretical model assuming perfectly rational actors acting on perfect information and it is indeed ideal within those assumptions. The issue is that it’s not realistic. Real-world markets can be brought closer to the free market ideal by regulation. Don’t let those laissez-faire fucks confuse you what they’re peddling, by equivocation, is unregulated markets which are the complete opposite of free, what they want is institutionalised market failure.
Next time a “free market advocate” shows up on your doorstep, tell them to give you all their trade secrets so that you have better information about everything, it’s what they want, after all.