Market fundamentalism (or free-market fundamentalism) is a conviction that free markets are generally beneficial. The term was popularized in 1998 by George Soros ^[1] in his book The Crisis of Global Capitalism (1998): "This idea was called laissez faire in the nineteenth century... I have found a better name for it: market fundamentalism" ^[2]. The expression market fundamentalism is now used by various authors writing on economic topics to signify an exaggerated belief in the ability of markets to solve all problems in a society. It is also used to ridicule the arguments of the proponents of "virtues of radical free-market economics" or, in Soro's own words, against the ideology which "has put financial capital into the driver's seat." ^[2] Joseph E. Stiglitz also used the term in his autobiographical essay in acceptance of Nobel Prize to criticize some IMF policies: "More broadly, the IMF was advocating a set of policies which is generally referred to alternatively as the Washington consensus, the neo-liberal doctrines, or market fundamentalism, based on an incorrect understanding of economic theory and (what I viewed) as an inadequate interpretation of the historical data." ^[3] People and organizations it refers to generally reject the label as a pejorative term. The meaning of the term can be considered as economic liberalism or laissez-faire capitalism taken to an extreme. George Soros (pronounced ) [Shorosh] (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is an American financial speculator, stock investor, philanthropist, and political activist. ... Look up laissez faire in Wiktionary, the free dictionary. ... Political Ideologies Part of the Politics series Politics Portal This box:      An ideology is an organized collection of ideas. ... Joseph Stiglitz (born February 9, 1943) is an American economist and a member of Columbia University faculty. ... The Nobel Prizes (Swedish: ) are awards in Physics, Chemistry, Literature, Peace, Physiology or Medicine and Economics. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... The Washington Consensus is a phrase initially coined in 1987-88 by John Williamson to describe a relatively specific set of ten economic policy prescriptions that he considered to constitute a standard reform package promoted for crisis-wracked countries by Washington-based institutions such as the International Monetary Fund, World... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ...

Market fundamentalism isn’t new: the ideas were born in the 18th century, with the works of Adam Smith. But Smith recognized social limits to the application of his theories. It was only in the 20th century that the relative sophistication found in Smith’s work was be emptied out by theorists like Milton Friedman (of the famous "Chicago School" of the 1960s and 1970s) resulting in a recipe for a stripped-down hyper-capitalism: deregulate business and trade, disempower government, and let the energies of entrepreneurship and free-flowing capital to "help everybody". After Friedman and his chicago boys were given free rein by the Pinochet dictatorship in Chile, the model was picked up by Prime Minister Margaret Thatcher of the U.K. (thatcherism) and President Ronald Reagan in the U.S. (reaganism) in the early 1980s. ^[4] Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... Milton Friedman (July 31, 1912 – November 16, 2006) was a prominent American economist and public intellectual. ... The Chicago School of Economics is a school of thought in economics; it refers to the style of economics practiced at and disseminated from the University of Chicago after 1946. ... Friedman, Friedemann, Friedmann, Fridman, Frydman, Frydmann, and Freedman are popular surnames. ... The Chicago Boys (c. ... General Augusto José Ramón Pinochet Ugarte1 (born November 25, 1915) was head of the military government that ruled Chile from 1973 to 1990. ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC (born October 13, 1925), former Prime Minister of the United Kingdom, in office from 1979 to 1990. ... Margaret Thatcher Thatcherism is the system of political thought attributed to the governments of Margaret Thatcher, British Prime Minister from 1979 to 1990. ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981–1989) and the 33rd Governor of California (1967–1975). ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981–1989) and the 33rd Governor of California (1967–1975). ...

In the late 80's Washington-based financial institutions, such as the International Monetary Fund, World Bank and U.S. Treasury Department.^[5] embraced market fundamentalism as an universal recipe for economic wrecked countries, as expressed in the Washington consensus. Nickname: Motto: Justitia Omnibus (Justice for All) Location of Washington, D.C., in relation to the states Maryland and Virginia Coordinates: Country United States Federal District District of Columbia Government  - Mayor Adrian M. Fenty (D)  - City Council Chairperson: Vincent C. Gray (D) Ward 1: Jim Graham (D) Ward 2: Jack... This article needs additional references or sources to facilitate its verification. ... Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ... The Washington Consensus is a phrase initially coined in 1987-88 by John Williamson to describe a relatively specific set of ten economic policy prescriptions that he considered to constitute a standard reform package promoted for crisis-wracked countries by Washington-based institutions such as the International Monetary Fund, World...

Targets

The term may be used, pejoratively, to criticize some groups which are mainly viewed as advocating strongly against "any" state regulation and defend a "totaly" free market, such as:

• Objectivists publicly and absolutely adhere to this philosophy. This group, spearheaded by the Ayn Rand Institute (after the author of the same name, Ayn Rand, née Alissa Rosenbaum, who wrote Atlas Shrugged and The Fountainhead), however, reject any appeal to the "public good", as altruism is considered to be immoral. Instead, their support of laissez-faire capitalism comes from desiring a "complete separation of economics and state."
• Anarcho-capitalists believe in the absolute right to private property, and envision a market system completely free of state regulation.
• Libertarians generally believe in limited government powers, and reject regulation of a free market. (see also:Minarchism)
• Reaganism, the "Reaganomics" of the 1980's defended by Ronald Reagan
• Thatcherism, the economic policies of Margaret Thatcher
• Washington Consensus, phrase initially coined in 1987-88 by John Williamson, to describe a relatively specific set of ten economic policy prescriptions, that were considered a "standard" reform package for crisis-wracked countries, jointly promoted by Washington-based institutions such as the International Monetary Fund, World Bank and U.S. Treasury Department.

Objectivism is opposed to subjectivism and may mean: Metaphysical objectivism The philosophy of Ayn Rand, Objectivist philosophy The poetry of the Objectivist poets Moral objectivism, Objective morality This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... The Ayn Rand Institute: The Center for the Advancement of Objectivism (ARI) was established in 1985, three years after Ayn Rands death, by Leonard Peikoff, Rands legal and intellectual heir. ... Ayn Rand (IPA: , February 2 [O.S. January 20] 1905 – March 6, 1982), born Alisa Zinovyevna Rosenbaum (Russian: ), was a Russian-born American novelist and philosopher,[1] best known for developing Objectivism and for writing the novels We the Living, The Fountainhead, Atlas Shrugged and the novella Anthem. ... Atlas Shrugged is a novel by Ayn Rand, first published in 1957 in the USA. It was Rands last work of fiction before concentrating her writings exclusively on philosophy, politics and cultural criticism. ... The Fountainhead is a 1943 novel by Ayn Rand. ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... This page deals with property as ownership rights. ... This article does not adequately cite its references. ... In civics, minarchism, sometimes called minimal statism or small government, is the view that the size, role and influence of government in a free society should be minimal — only large enough to protect the liberty and property of each individual. ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981–1989) and the 33rd Governor of California (1967–1975). ... Reaganomics (a portmanteau of Reagan and economics, coined by radio broadcaster Paul Harvey) is a term that has been used to both describe and decry free market advocacy economic policies of U.S. President Ronald Reagan, who served from 1981 to 1989 and economic policies perceived as similar. ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981 – 1989) and the 33rd Governor of California (1967 – 1975). ... Margaret Thatcher Thatcherism is the system of political thought attributed to the governments of Margaret Thatcher, British Prime Minister from 1979 to 1990. ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC (born October 13, 1925), former Prime Minister of the United Kingdom, in office from 1979 to 1990. ... The Washington Consensus is a phrase initially coined in 1987-88 by John Williamson to describe a relatively specific set of ten economic policy prescriptions that he considered to constitute a standard reform package promoted for crisis-wracked countries by Washington-based institutions such as the International Monetary Fund, World... John Williamson can refer to different persons: John Williamson (economist), senior at Institute for International Economics; John Williamson (singer), an Australian singer John Williamson (singer & songwriter), from Georgia, U.S.A. John Williamson (basketball), a former professional basketball player with the New York Nets. ... This article needs additional references or sources to facilitate its verification. ... Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ...

See also

• Anarcho-capitalism

• Capitalism

• Central planning

• Classical liberalism

• Critique of capitalism

• Economic liberalism

• Invisible Hand

• Liberalism

• Libertarianism

• Manchester capitalism

• Objectivist philosophy

• Ordoliberalism

• Reaganism

• Thatcherism

Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... It has been suggested that Definitions of capitalism be merged into this article or section. ... A planned economy is an economic system in which decisions about the production, allocation and consumption of goods and services are planned ahead of time, usually in a centralized fashion, though some proposed systems favour decentralized planning. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... An anti-capitalist poster printed by the Industrial Workers of the World in 1911. ... This article or section does not cite any references or sources. ... For other use of Invisible Hand, please see Invisible hand (disambiguation) The invisible hand is a metaphor coined by the economist Adam Smith to illustrate how those who seek wealth by following their individual self-interest, stimulate the economy as a secondary effect and thus assist society as a whole. ... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... This article does not adequately cite its references. ... Manchester Capitalism, Manchester Liberalism or Manchesterism are terms for political, economic and social movements of the 19th century, which originated in the North-West of England, and in Manchester in particular. ... Objectivism is the philosophical system developed by Russian-American philosopher and writer Ayn Rand. ... This article is about political philosophy of Ordoliberalism. ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981–1989) and the 33rd Governor of California (1967–1975). ... Margaret Thatcher Thatcherism is the system of political thought attributed to the governments of Margaret Thatcher, British Prime Minister from 1979 to 1990. ...

References

1. ^ BRESLOW,Marc. George Soros: Beware Market Fundamentalism. Dollars & Sense, issue #221, January-February 1999
2. ^ ^{a b} SOROS, George. The Crisis of Global Capitalism Public Affairs, 1998.
3. ^ Autobiographical essay in acceptance of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
4. ^ [AMBROSE, Soren. Resisting Market Fundamentalism! Ending the Reign of Extremist Neo-Liberalism. 50 Years Is Enough Network, aPRIL 2004]
5. ^ Williamson, John: What Washington Means by Policy Reform, in: Williamson, John (ed.): Latin American Readjustment: How Much has Happened, Washington: Institute for International Economics 1989.

Bibliography

• RITZER, George (editor). The Blackwell Companion to Major Social Theorists, Series: Blackwell Companions to Sociology, Blackwell publishing, 2003. ISBN 9780631207108 ISBN 0631207104 See "market fundamentalism" in Postscript to Anthony Giddens' entry, pag. 690, online readable.

Publications on Market Fundamentalism

Books

• ALBERS, Detlev, HAELER, Stephen, MEYER, Henning; (Editors). Social Europe: A Continent's Answer to Market Fundamentalism. London: European Research Forum at London Metropolitan University (23 Jun 2006) ISBN 0954744837 ISBN 978-0954744830

• KELSEY, Jane. A Review of Economic Fundamentalism: The New Zealand Experiment - A World Model for Structural Adjustment?, Pluto Press, 1995.

• KOZUL-WRIGHT, Richard. The Resistible Rise of Market Fundamentalism: The Struggle for Economic Development in a Global Economy. United Nations Conference on Trade and Development (UNCTAD), London: ZedBooks Ltd, 2007. Paul Rayment is Director of Economic Analysis at the UN's Economic Commission for Europe. Richard Kozul-Wright is a Senior Economicist at the United Nations Conference on Trade and Development (UNCTAD). ISBN 9781842776360 ISBN 9781842776377
• FFRENCH-DAVIS, Ricardo. Reforming Latin America's Economies: After Market Fundamentalism. Palgrave Macmillan, 2006. ISBN 140394945X ISBN 978-1403949455

• SOROS, George. The Crisis of Global Capitalism Public Affairs, 1998.

Articles

• BIDSTRUP, Scott. Free Market Fundamentalism: Friedman, Pinochet and the "Chilean Miracle", Revised 10/15/02

• BLOCK,Fred. Reframing the Political Battle: Market Fundamentalism vs. Moral Economy., Longview Institute

• GERASKOV, Emil Asenov. Market Fundamentalism and The Paradox Of Transition., 1997 Conference held on American University in Bulgaria, April 25-27, 1997.

• POLANYII-LEVITT,Kari. Keynes and Polanyi: Then and Now A Seminar by Kari Polanyi-Levitt Monday 25 November, 2002 London School of Economics

• ROSEN, Ruth. Note to Nancy Pelosi: Challenge Market Fundamentalism., January 30, 2007 Ruth Rosen is a journalist and historian. She is a senior fellow at the Longview Institute in Berkeley and a professor emerita of history at the University of California, Davis. She is currently a visiting professor of public policy and history at U.C. Berkeley.

• SAINAH,P. Poverty, Market Fundamentalism and the Media, 2001 P. Sainath, an award wining Indian journalist, is Rural Affairs Editor of The Hindu and the author of Everybody Loves a Good Drought.

External links

• And then there was the market
• GERASKOV, Emil Asenov. Market Fundamentalism And The Paradoexes Of Transition.

• Review of George Soros's The Crisis of Global Capitalism, by Brink Lindsey
• SOROS, George. The Crisis of Global Capitalism Public Affairs, 1998.