Do Markets Produce a Fair Distribution of Wealth?
I've heard it a thousand times. Free markets create a fair distribution of wealth and the produce the best product for the best price. This is a fantasy that those who promote it attribute to Adam Smith and the "Invisible Hand". Had they actually read AS instead of cherry picking quotes they'd realize that it's based on 2 virtually impossible conditions. !- Well informed consumers making logical decisions. 2- Only with perfect liberty will markets produce perfect equality.
The first one would eliminate the advertising industry as ads are designed to deceive and manipulate not inform. The second needs no explanation. Capitalist systems produce one thing. Fascism. Which is what we now have in the US. A govt controlled by corporations instead of the other way around where 90% of the people have no influence at all on govt policy.. This is the result of the massive concentration of wealth Capitalism creates. As to distribution, there are companies with a media salary of $60,000 a year while the CEO gets $350,000 a day. . . . . . . sounds fair to me. You?