The myth of the Free Market

Published on: 2008-4-17

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The myth of the "Free Market"


For over a decade, we were assured that everything good that ever happened was because we had embraced corporate-led globalisation. All the negative effects visible were the result of our own national inertia and corruption. And of course, the market would heal all wounds. The notion of state meddling in economic matters was blasphemy. Now the nations feeding us this rot — which we recite by rote — are nationalising banks, bailing out brigands and pouring in funds to stop factories from closing down. And of course, we’ve spared no efforts to link our agriculture to the volatility of global prices in a world where a handful of corporations control those prices. Their clout within India has grown rapidly. Their control extends further each day from the field and farm gate to the price and sale of the final product. Read Between a rock and a hard place