Economics professor and former Secretary of Labor during the Clinton administration, Robert Reich argues that the neutral, free American market is a myth. It’s supposed to work for the American people, but the “free” market is regulated by federal officials who are controlled by Wall Street and large corporations.
On his blog, Reich said:
As I argue in my new book, “Saving Capitalism: For the Many, Not the Few” (out this week), this transformation has amounted to a pre-distribution upward.
Intellectual property rights—patents, trademarks, and copyrights—have been enlarged and extended, for example, creating windfalls for pharmaceutical companies.
Americans now pay the highest pharmaceutical costs of any advanced nation.
At the same time, antitrust laws have been relaxed for corporations with significant market power, such as big food companies, cable companies facing little or no broadband competition, big airlines, and the largest Wall Street banks.
As a result, Americans pay more for broadband Internet, food, airline tickets, and banking services than the citizens of any other advanced nation.
Bankruptcy laws have been loosened for large corporations—airlines, automobile manufacturers, even casino magnates like Donald Trump—allowing them to leave workers and communities stranded.
But bankruptcy has not been extended to homeowners burdened by mortgage debt or to graduates laden with student debt. Their debts won’t be forgiven.
Reich’s new book, Saving Capitalism: For the Many, Not the Few, hit shelves on September 29, or you can purchase it on Amazon by clicking this link.