I'm confused a) who is taking the concept of free markets seriously, especially in this context where markets (and competition) are arbitrarily defined and owned by corporations and and b) who would view self-interested laws as either surprising or bad? Of course laws are in self interest. Why on else else would you pass a law?
Do we agree? Or will we find ourselves on opposite sides of this fight the millisecond the specifics of this case fade from the public eye?
If you really truly think that regulation is dragging down some market, it's easy to talk about in specific terms. It is only possible to employ "free markets" in bad faith.
Beneath them, people tend to get good at programming before they get good at spotting exploitation, so there is always a stratum of True Believers to feed the operation. Individually they wise up and graduate, but the stratum remains as it is fed from the bottom by the proverbial sucker born every minute.
Then we have the top of the pyramid which actually does benefit from it all. They are small in number but they have enough money to fund the whole space (more importantly: enough money to have a reason to fund the whole space) so they have outsize influence. They could decide to ban me for saying this, for example.
All it takes is a single competitor to gradually gain more and more strength and competitive advantage via dumping, regulatory capture, or other means (see: organized crime and syndicates) to win the death struggle.
What has saved us hasn't been some magical free market, it has been the markets themselves, once they achieve trust status, fundamentally undermined by science and technology creating a new market that upends the old one.
Well it is. And it's willful. That trillion dollars is spent almost entirely on US made things by US workers. Only a small slice (still large in absolute terms) goes to those mega-contractors. The rest is the only thing that has kept any semblance of American manufacturing alive. The military buys everything (this isn't an exaggeration, you would be hard pressed to find something in your life that they don't buy in quantity) , and there are countless businesses that pay decent wages with benefits for low skilled workers in every state that are only still in existence because of military spending.
It also functions as an incubator, having special provisions for small businesses, especially those owned by marginalized people or located in especially impoverished areas. Basically "We need need coffee filters, so if you buy the equipment and higher the workers, we'll sign a contract to buy 2,000,000 packages a year from you. (And it's a kick-your-door-down felony if you try to backdoor foreign made filters)."
That's why it is never cut. It's a welfare plan that republicans agree too because it requires holding down a job to access. It comes with the side effects of keeping factories running and getting an overpowered military.
The world stage is no more a safe place than it has been for any other part of history.
Well that's not that obvious... Sure EU is more than willing to protect consumers from foreign(American) megacorporation because the cost of doing that is very low.
Entrenched major local companies? Well stifling competition through excessive regulation and propping up to bit too fall semi-zombie corporations is not necessarily that great for consumers long-term.
The EU. Let me explain, because this was confusing:
In US political debate, free markets have become synonymous with ”let companies do what they want”. Today, most of US ”markets” are neither free, nor (arguably) even markets at all, such as Amazon or health insurance. It is a mix between feudal system and protection racket.
Just like ”freedom isn’t free” in terms of civil liberties, same goes (imo) for markets. If you want to optimize for ”freedom” of markets, that means a non-zero amount of regulating them. This is obvious both in theory and by opening your eyes and looking outside.
As far as how to regulate them, I believe the EU is doing a good job, especially in the face of novel technology and business topologies. Basically, allow everything that isn’t deliberately anti-competitive. Because, drumroll, competition is fundamental for markets to work, at all.
Sorry for the confusion. It’s hard to make points when words mean completely different things in different parts of the world.
