IAH 231B Notes

Current capitalist system seen globally
- Is a market economy
- Is purely an economic system?
- Means less government and state
- Is based on equal and fair competition
- Will solve all food insecurities, hunger, and poverty
- Leads to everyone being better of
- Is efficient
- Is based on free and equal trade
- Is transparent
- Is based on proper market prices
o Externalities are examples of costs that are not taken into account
o Things would be more expensive if these externalities were taken into account
o The goal is never to have fair market prices but instead perpetual competition
through exploitation of labor
- Is driven by externalities of perpetual growth

Also
- Desire and labor are produced
- Diference between money and capital
o Two functions of money
 Circulation of money towards needs and consumption
 Geared towards purchasing goods for satisfaction
o Capital
 Money or investment that is paradoxical
 Strictly based on not spending, destroying, or consuming
 Money goes into the extension of the financial market which is a very
unproductive form of …
- Problem of compound rate
- Negative market externalities
- Problem of unending growth
- Black box problem
- Capitalist wealth depends upon exclusion, dispossession, and exploitation; it cannot
reproduce itself through its own base; it needs extension
o Argue through the privatization and turn something that is not a commodity into
something that is
- Problems of commodification (privatization, hunger, etc.)

Economic libertarians

Transparence Instead we have . operate with a model of capitalism that does not exist in reality .Absence of market externalities . especially economic libertarians. special interest groups etc.Extreme negative market externalities (paid by the public) o Environment .Concentration o Oligopolies ..Instable markets through technological innovation (triggered by public investments) . 8 .Equilibrium .Global control by selected players (such as Monsanto) o Large corporations that control entire markets for their products .And intransparence (products) o Nobody really knows what they are buying o Established many consumer protections  These are there to bring transparency to the system  Almost impossible because they are so complex  Pressure has to come from outside the market by agencies.Perfect competition o Somewhere there is a market system in which every good that is ofered is accessible to everyone o Consumer has an absolutely clear and transparent choice o .Neoliberals. 54-65 .