The Free Market is Wrecking Society: we can now assess the effects after nearly 30 years.

Free Market economics was introduced into Britain and America by Margaret Thatcher and in the USA by Ronald Reagan

Nigel Lawson, Thatcher's Chancellor of the Exchequer from 1983 to 1989, listed the Thatcherite ideals as "free markets, financial discipline, firm control over public expenditure, tax cuts, nationalism, 'Victorian values' (of the Samuel Smiles self-help variety), privatisation and a dash of populism". Thatcherism is thus often compared to classical liberalism. Milton Friedman said that "Margaret Thatcher is not in terms of belief a Tory. She is a nineteenth-century Liberal". (Friedman was a major academic behind Free market “neo-liberal” economics)

The Tyranny of Choice. Renata Salecl

A key plank of neo-classical Free Market dogma is the fixation on individual Choice.

“In a society geared towards the individual, and dominated by consumerism and celebrity, we are constantly encouraged to choose a better life for ourselves. The weight of each choice and the super-abundance of options can cause crippling anxiety and we defer to others to make the right choices for us. When we do get what we want, fulfilment is swiftly replaced by dissatisfaction and desire for a better option.”

1983 to the current day is nearly 30 years, long enough to assess the impact on Society of this revolutionary Cult.

Cut to 2022 “Britain Flounders in a sea of dirty money” (Nick Cohen, Guardian)

It has long been known that in Britain; England in particular, the financial markets even more specifically, are pits of financial corruption.

Here are a few ways in which they help the very rich

To add flavour, here are a few quotes from an article by Nick Cohen, a Guardian journalist:

“We can look in a mixture of revulsion and astonishment at how the naturally conservative milieu of City Financiers, libel lawyers, estate agents, the art market, private schools has become as dependent on the proceeds of crime as opiod addicts on OxyContin”.

He goes on “You can live a rich, comfortable, undisturbed life in the UK as a native fraudster or migrant oligarch”

Meanwhile what a Conservative Member of Parliament described as “corrupting cottage industry” of law firms and barristers ensures that anybody who raises questions about fraudently acquired wealth faces libel actions with costs that run to millions”.

The creeping cancer that starts deep in the financial markets and right wing governments has sapped the life out of British (and in a different way) American society. Here are a few examples:

Global Warming

Last but by no means least, Neo-Liberal Free Market economics, with its obsessions about individual liberty, consumption growth and weak governmental influence on economic affairs is a perfect recipe for Climate Change and Global Warming. Currently, despite fine words, free market countries are not coming up to the mark in reducing the ingredients of Global Warming and environmental destruction.


And: A few small recent events in Britain:

Rivers and watercourses are being poisoned by sewage pumped out by privatised companies answerable to financial owners

The collapse of energy supply industry, which had been based on consumer “Choice”, a free market dogma. The resultant proliferation of small suppliers has caused most of the industry to collapse, leaving big companies in control

Why? Three Basic reasons

SO: What can be done?

First: Violent revolution is not the answer

The danger is that revolutionary change will be fomented by dangerous megalomaniacs like Donald Trump, which will plunge societies into more and more chaos and violence


Maybe, change can be introduced gradually and progressively by balanced clear thinking politicians and their supporters, starting with specific actions that could gain the support of the majority

Starters could be:


And most important, re-introduce the Interests of the State into corporate life, but not operational or political control, more like the German principle of the “Supervisory Board”

“In a two-tier board there is an executive board (all executive directors) and a separate supervisory board (all non-executive directors). The chairman of the supervisory board is the equivalent of the chairman of a single-tier board, while the chairman of the management board is reckoned as the company's CEO or managing director. These positions are almost always held by separate people”. (Wikipedia)

These changes would be a good start and if pursued over a long period would begin to pull sick societies back from the brink, and improve the lives of most people.

If you are interested – read on!

Here are more insights from this website. Click on the named article:


How free market economies got it wrong - and what to do about it
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