The free market is not really so free

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Ben Cohen
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By Ben Cohen

The collapse of Northern Rock highlighted the failure of the 'free market' in ways no written words could do. The bizarre notion that a free market exists (or has ever existed) is the figment of neo liberal imagination, and a talking point used to lecture working people about why their wages have stagnated for the past 30 years.

In reality, the free market exists for poor people, while the corporate elite take huge welfare checks from the government (just compare the tax rate for individuals and corporations). It's unlikely that the Northern Rock fiasco will destroy the notion that we live in a free market economy, but it is certainly a stark reminder that the system is broken and not working for the average citizen.

If you want to properly understand how the market works, listen to Noam Chomksy on 'Free Market Fantasies' below: