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The power to make decisions in society must remain primarily in the hands of a democratically elected government. In private hands, there is only one concern, and that is the bottom line. We have too much ‘bottom line’ directed policy as it is.

“There’s a striking difference between physicists and economists. Physicists don’t say, hey, let’s try an experiment that might destroy the world, because it would be interesting to see what would happen. But economists do that. On the basis of neoclassical theories, they instituted a major revolution in world affairs in the early 1980s that took off with Carter, and accelerated with Reagan and Thatcher. Given the power of the United States compared with the rest of the world, the neoliberal assault, a major experiment in economic theory, had a devastating result. It didn’t take a genius to figure it out. Their motto has been, “Government is the problem.”

That doesn’t mean you eliminate decisions; it just means you transfer them. Decisions still have to be made. If they’re not made by government, which is, in a limited way, under popular influence, they will be made by concentrations of private power, which have no accountability to the public. And following the Friedman instructions, have no responsibility to the society that gave them the gift of incorporation. They have only the imperative of self-enrichment.

Margaret Thatcher then comes along and says there is no such thing as society, just atomized individuals who are somehow managing in the market. Of course, there is a small footnote that she didn’t bother to add: for the rich and powerful, there is plenty of society. Organizations like the Chamber of Commerce, the Business Roundtable, ALEC, all kinds of others. They get together, they defend themselves, and so on. There is plenty of society for them, just not for the rest of us. Most people have to face the ravages of the market. And, of course, the rich don’t. Corporations count on a powerful state to bail them out every time there’s some trouble. The rich have to have the powerful state — as well as its police powers — to be sure nobody gets in their way.”

-Noam Chomsky interviewed on Tom’s Dispatch

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