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This article was nominated for deletion on 3 May 2007. The result of the discussion was keep. |
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I just added the modification mentioning anarcho-capitalists. I am wondering one, if you think that's appropriate to the article. Personally I do because it links to a philosophy that agrees with market fundamentalism and explains the thinking behind it. Two, I am wondering if you think it would be appropriate to explain and provide links to philosophies that are similar to market fundamentalism, and to which the slur is often applied, and reasons for that. Three, I would like to add an article titled "qualitative inflation" (as distinguised from "quantitative inflation", referring to decreasing quality of products as opposed to increasing price), and then link it to this article, as an example of market forces not working as expected. However, the idea of "quantitative inflation" is my own, and while many people agree that there is such an effect, I wonder if it would be appropriate to post an article about it when it is not commonly referred to by that name, or any name for that matter.
This is not original research. The term is already widely used in technical articles, by award wining journalists, such as P. Sainath's Poverty, Market Fundamentalism and the Media, 2001 and many others, such as Ruth Rosen's Note to Nancy Pelosi: Challenge Market Fundamentalism. (Ruth Rosen is a journalist and historian. She is a senior fellow at the Longview Institute in Berkeley and a professor emerita of history at the University of California, Davis. She is currently a visiting professor of public policy and history at U.C. Berkeley.) 200.153.161.91 14:24, 8 May 2007 (UTC)
Religious fundamentalism may be justified. But, fundamentalism of political theory is plain ridiculous. No matter how many people use this term, it does not deserve an article. There are no articles for conservative fundamentalism, communist fundamentalism ,socialist fundamentalism ad infinitum. Madhava 1947 (talk) 11:16, 17 May 2007 (UTC)
I tend to agree. Seeing though how it's here I tried to at least NPOV it and make it more coherent. I didn't finish the task because it just got to annoying half way through. radek 18:46, 17 May 2007 (UTC)
There are no articles for "conservative fundamentalism, communist fundamentalism ,socialist fundamentalism," etc. because those terms aren't in use. "Market Fundamentalism" is a term used by a considerable number of reputable economists to describe a specific phenomenon. Whether you think its ridiculous from some philosophical standpoint isn't the way to decide if a wikipedia article ought to exist or not. —Preceding unsigned comment added by 24.196.126.90 (talk) 06:09, 27 March 2009 (UTC)
The article states that a belief in the natural equilibrium of markets is essential to being a market fundamentalist. But one of the groups to which that term is usually applied, the Austrian School, holds explicitly that markets are always in disequilibrium. Should that be changed? — Preceding unsigned comment added by 209.56.12.231 (talk) 18:21, 15 April 2008 (UTC)
The following have been moved here for possible integration as inline citations:
the skomorokh 14:39, 23 November 2008 (UTC) One more:
the skomorokh 15:09, 23 November 2008 (UTC)
As far as I know the term "market fundamentalism" is used by critics to denote an unjustified and exaggerated belief. Whether laissez-faire capitalism/market fundamentalism is a justified or unjustified belief, is a different question. Erik Warmelink (talk) 13:38, 1 March 2009 (UTC)
The term is a political epithet used solely by opponents of the view thus described. Like other political epithets -- such as "pinko", "wingnut", "teabagger", or most post-WWII uses of "fascist", its use serves primarily as an expression of disapproval towards a particular view, not a description of that view.
These kinds of words are the political equivalent of religious epithets such as "Papist" or "Mohammedan" -- which are not purely descriptive words for "Catholic" or "Muslim", despite the fact that Catholics do revere the Pope and Muslims revere Muhammad. Wikipedia should have articles about epithets, but the article entitled "Market fundamentalism" should be about the epithet itself, not the view thus slurred -- any more than we would put an article about socialism itself under the title Pinko or an article about Catholicism under Papist. --FOo (talk) 08:20, 8 August 2009 (UTC)
The notion that free markets caused the collapse in the markets is flawed. Government interventionist policies are the underlying cause of these bubbles. The progressive agenda of affordable housing, accelerated during the Bush administration, created a situation in which people who could not afford a house where encouraged and subsidized. Trillions of dollars in poor credit quality loans where issued with the implicit, and eventually actual, guarantee of the US gov't, which of course means the tax payers. Compounding the problems and creating an ongoing economic malaise are consequences of additional government interventions such as TARP and foreclosure mitigation programs. —Preceding unsigned comment added by 24.46.104.109 (talk) 02:43, 20 August 2010 (UTC)
I added a small Criticism subsection to lend a (small) counter-weight to Soros and Stiglitz quotes.
Overall I feel this article is not NPOV. However, given that the article subject itself is meant as a pejorative AND these ideas are ongoing current debates, then I don't expect this article ever will be NPOV. Having said that, I'd appreciate if some small section of counter-points are left in this article.
J_Tom_Moon_79 (talk) 22:10, 5 May 2013 (UTC)
Every use of "market fundamentalism" I have heard is a direct insult of the concept of laissez-faire. This article seems to be saying half the time that "market fundamentalism" refers to dogmatism in one's support of the free market, and the other half that it refers to the entire concept of the free market. The link is to a progressive website, but it is not marked as such. Also, the section "Fundamentalism and financial markets" borders on propaganda very explicitly. —Preceding unsigned comment added by 67.183.16.193 (talk) 23:16, 20 October 2010 (UTC)
Ideas ascribed to fundamentalists include the belief that markets tend towards a natural equilibrium, and that the best interests in a given society are achieved by allowing its participants to pursue their own financial self-interest with little or no restraint or regulatory oversight. .. While this might have been true in the middle ages, with world-wide conglomerates, or even merely large companies, the individual has no protection against fraud nor harm caused by products that maximize income by imposing externalities on the individual consumer as well as society.
The statement about the middle ages does little more than suggest to the reader the author's POV that the pure free markets are an outmoded relic. If the best interests of society are not, in fact, achieved by allowing its participants to pursue their own financial interests, then the author should simply say that, and then support the claim, minus the pretended history lesson.
The mere passage of time does not turn fact into falsehood. The author mentions an increase in company sizes since the middle ages, but makes no attempt to demonstrate a causal link between these size increases and the alleged decline of consumer protections.
The author's claim that "the individual has no protection against harm or fraud" is too strong. Many market-based protections are in common use, e.g. credit card protections against fraudulent and disputed charges, private certifications, consumer advocacy groups, insurance requirements, etc. Free-market economist Robert P. Murphy explains these and several other market-based consumer protections in the interview entitled Consumer Protection: A Case for the Free Market, hosted at Mises.org. --autofyrsto (talk) 05:12, 19 December 2011 (UTC)
First of all, I totally agree this kind of term needs to be treated carefully. I believe the use of this term will either strengthen (show its analytical value) or weaken (show its simply no other than ideological/demonizing function, that is, pejorative) with time... speaking from some science/social science-romanticizing view. But what function does "pejorative" actually have here? It must be the use of "fundamentalism" because of its general use as meaning something like 'strong convictions' or perhaps 'closed minded'? The description "a strong belief in the ability of free market economy...to solve economic and social problem" is more or less neutral, since, in general there would be no reason for people who strongly defends free market economy to argue against that description. I would probably agree that any use of 'fundamentalism' in new ways (vegan-fundamentalist, atheist-fundamentalist) is pejorative - but on the other hand, Isn't most or all uses of "fundamentalism" pejorative today? It is after all a fact that the the term "fundamentalism" has gone from a self-descriptive term of a group of Christians the 1920's to a culturally general term of simply "strong conviction" or similar. My point is simply that the criteria must be arbitrary in deciding when it is pejorative and when it is not? Anyway, maybe "pejorative" does have some purpose here, but I'm a bit skeptical. I suspect that it is used to normalize the phenomena that it refers to.— Preceding unsigned comment added by Jtmoon (talk • contribs)
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When a link to this article is placed on another Wikipedia page, hovering over that link creates a popup with an image of a housefly feeding on feces. I can't figure out where this image resides or how to remove it. 70.95.145.33 (talk) 19:10, 5 April 2023 (UTC)