Neoliberal economics: The road to freedom or authoritarianism? | Hacker News Reader

Neoliberal economics: The road to freedom or authoritarianism?

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10 pointsrntn8 comments

> "I strongly opposed deregulation of finance, in part because I understood that 'freeing' the financial sector would make us all less free in the end," Stiglitz writes in his book.

LOL

> He blames financial deregulation for contributing to the 2008 financial crisis.

Some economists says that it happened due to regulation and monetary policy [1]

[1](https://mises.org/quarterly-journal-austrian-economics/subpr...)

As if the Central Banks had nothing to do with it. Deregulation didn't help, but it was so much cheap and easy money that fed - no pun intended - that beast.

It starts with the financial system. How can an award-winning economist not understand that?

Repealing Glass-Steagall definitely had something to do with 2008, because it allowed the same business to be both an investment and a retail bank.

It happened almost entirely due to DEregulation.

Some economists are idiots.

And Stiglitz fears some countries may be careening towards "a 21st century version of fascism." But contrary to the classic argument made by Hayek, Stiglitz says, this rise in authoritarianism "comes not in the countries where the government is doing too much, but where the government is doing too little to protect individuals against unemployment, the stresses of adaptation to globalization, to technical change, to the stresses of migration."

Too much vs not enough? That's the wrong lens.

It's who / what these governments are doing X or Y for. Apparently, Stiglitz doesn't understand the difference between Capitalism and free markets and Crony Capitalism and the gov putting its thumb on the scale to heavily influence winners (Corporations) and losers (citizens / voters). The foundation of Crony Capitalism is a top-heavy government that can be manipulated by the few in favor of the few. When that goes on long enough, eventually there's pushback. But sure, let's blame The People for the system that has intentionally failed them?

Stiglitz and his ilk need to get out more. All that time in academia is warping their understanding of reality.

When and where is / has there been "real capitalism," if what we have now is "crony capitalism," i.e. not "true" capitalism?

That's not the point. The point is you have people saying, "Look at my dog" when they're holding a cat. When your great grand mother does that you smile and nod. When it's a renown economist you call bullshit. Else that fool keep spitting more bullshit.

Economists doesn't consider Corny Capitalism because... Best I can tell... They've no clue how the sociopolitical system actually works. They're too focused on theory and don't get off campus enough. Great for them. But we don't have to be as foolish.

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