1 April 2020 — FAIR
Corporate media shrug as elite declare loss of profits worse than loss of lives
Why the market fails to provide life-saving goods is not a question the New York Times (3/26/20) will be asking.
Since the days of Adam Smith, capitalists have been arguing that unfettered markets are the best way to organize the economy. Smith famously said that the rich are “led by an invisible hand” to, “without knowing it, advance the interest of the society.” The rise of the welfare state in the wake of the Great Depression tempered such magical thinking for a few decades, but the ascent of neoliberalism in the last half century has brought a resurgence in market fundamentalism, in both theory (very much including the pages of the New York Times and Washington Post) as well as practice.