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The most grave crisis doctrinaire capitalism is facing early in the 21st Century is mismatch with how the world actually works. This gap also is a vulnerability for justifications of doctrinaire-related rip-offs.
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The way the world works—changes. However the way conventional economists think it ought to work—in an orderly manner—is static, inflexible and too often dysfunctional.
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Adam Smith patterned economics after physics. In Smith‛s view, capitalist societies constructed upon laissez-faire principles of orderliness, automatically align self-interest with attainment of the common good.
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J.M. Keynes challenged Smith‛s built in bias toward orderliness. His critique is introduced here, even metaphorically. Fundamentalism‛s advocates are likened to wizards, from Oz, living out of a childhood fairy tale.
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This podcast series explores legal and illegal frauds, introduced here, including inversions and earnings strippings. Pseudo-capitalist scams thrive on fundamentalism‛s blindness to the actual way in which the economic world works.
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Fraud is deception; some frauds are legal, and the gray area in which fraud is commonplace is expanding due to doctrinal imprecision about the legitimacy of self-interested behavior.
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Entrepreneurs may rationalize themselves as they segue into pseudo-capitalists whose behavior does not align with the common good.
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The First Glitch of Doctrinal Capitalism is Say’s Law that declares supply creates demand. Consequently, there can be no unsold goods nor unemployment, and therefore no need for government.
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Harsh rhetoric in the 2016 Republican presidential race is a throwback to Frederick Bastiat. Mid-19th Century, he portrayed government as a waster, bungler and obstructer.
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The appeal of the US presidential candidate Donald Trump’s economic conservatism may lie in the mythological underpinning of the orderliness of market forces. This approach validates one’s social order, provides guidance for so-called right living, and particularly, inspires a sense of awe.
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