Wreckonomics
umair haque
27633

There is much talk in “wreckonics” about the neoliberal fantasy of trickle down economics and globalization (part of the same thing) as the cause of our modern ongoing social collapse. This analaysis fails to acknowledge the critically important factor of government acceptance and complicity, in the form of “regulatory capture” and “rent-seeking” behaviors. Oligarchs and other forms of ecomomic entrenchment cannot succeed in open, competitive markets. Governments set the rules for how business is conducted — oligarchs, monopolists and kleptocrats arise when government fails in its duty to serve the public interest.

If the founding of our nation, considerable attention was devoted to the separation of church and state. Yet in the centuries since, and particularly in the last decades of the 20th century, it now appears that we have failed to address the separation of business and state.

Our governments are failing us. They are letting business interests write the rules and ignoring, to our peril, to the peril of our nations and to the peril of our global civilization. Let’s point the finger of blame where it belongs. Markets and businesses will, in nations subject to the rule of law, follow the market rules that are set for them — and they can bring (and have brought) immense global and public benefits to the human race. Our current, ongoing predicament, is not fundamentally a problem of market economics — it is caused by our failing, “fake news” governments.