Le marché est une institution mondiale par nature. Le marché n’est ni raciste, ni nationaliste, ni religieux, car tant que l’argent est le seul facteur de décision, la race, la nationalité et la religion de l’acheteur et du vendeur n’ont absolument aucune importance. Elles sont même souvent complètement inconnues.
I didn’t watch the Super Bowl, but I did end up finding out about Chrysler’s dramatic attempt to frame the massive federal bailout of their floundering corporation as something to get patriotic about. During the half-time commercial break, Clint Eastwood snarls that “It’s half-time in America” . . . Read more …
The market is an inherently global institution. The market is non-racist, non-nationalist, and non-religious, for as long as decisions are made solely in monetary terms, the race, nationality, and religion of buyers and sellers simply do not matter. Often, they are completely unknown.
I know the ethnic identity of the owners of the Armenian rug shop and the Chinese restaurant down the street. But what is the race, ethnicity, or nationality of the Coca-Cola Corporation? Read more …
Thomas Hart Benton, "Steel in America Today," 1930
November 20, 2008
Free markets mean competition. Competition means winners and losers. Some losers even lose their shirts and go out of business. When a business fails, this should be regarded as a success for the capitalist system as a whole. That goes for really big businesses as well as small ones. In a capitalist system, nobody is “too big to fail.”