Thursday, September 28, 2017

Free Unregulated Market Has Negatively Impacted Standard of Living

UK Prime Minister, Theresa May is at Bank of England as I write this to celebrate its 20th year of independence from direct government control. It was a great feat and a well deserved move by the Blair government in 1997 to implement that state for the Central bank in England. It is great because it placed the bank in a position that removes it from direct political influence while at the same time, keeping it public and under the oversight of the State.

This is not to say that poiticians still do not influence the bank, but its autonomy makes this rather microscopic in the grand scheme of things. At the same time, the bank's current status also means that it is not left to the so-called "free market" where the obsessive capitalists can exploit it and use it as a cash cow to enrich themselves at the expense of all. This helps create a moderate monetary policy that is not affected by individual greeds.

But against the backdrop of Labour Leader, Jeremy Corbyn calling for a public investment, interest and complete partaking in the market to bring a balance, media in the UK are reporting that Theresa May will say,
“A free-market economy, operating under the right rules and regulations, is the greatest agent of collective human progress ever created...
“It was the new combination which led societies out of darkness and stagnation and into the light of the modern age. It is unquestionably the best, and indeed the only sustainable, means of increasing the living standards of everyone in a country.”
But she is making a mockery of herself by insisting free market that is "well regulated" while at the same time railing against 'State-control'. So who will "regulate" the market? Standard of living has not been made better by open free market but by infrastructures like 'State-controlled healthcare.

Furthermore, her argument that
“We should never forget that raising the living standards, and protecting the jobs, of ordinary working people is the central aim of all economic policy. Helping each generation to live longer, fuller, more secure lives than the one which went before them. Not serving an abstract doctrine or an ideological concept, but serving the real interests of the British people.”
is a lie. If anything, all her so-called free market economy has brought the majority of people is more debt burden today, less-secure jobs, fewer prospects of owning a home and the widest gulf between the wealthiest and the poorest. All these are engineered by free market for the rich (capitalists) which only exploit people while making conjured-up profits.

A well-run, thus regulated public utilities will make the real standard of living what its supposed to be: robust, comprehensive, fair and balanced. Otherwise we are heading for annihilation. It is the ridiculous level of poverty and inequality that creates terrorism and all the resulting violence, uncontrolled migration and uncertainty. Get it Madam May.

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