General secretary of the General Federation of Trade Unions GAWAIN LITTLE calls for support and participation in the national partnership organised to celebrate the 100th anniversary of the 1926 general strike
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Reclaiming the ‘free market’ from capitalist control
Idealised notions of free markets conceal the reality of a system designed to generate profits at the expense of workers and consumers — we need social and moral foundations for markets based on human need, writes BHABANI SHANKAR NAYAK
Workers v market
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THE concept of the “free market” under capitalism is often promoted as an emblem of individual consumer choice and a driver of national economic growth and development.
The priests of capitalism view the free market as the most effective and efficient mechanism for resource allocation, framing it as a key engine of economic progress.
However, in practice, the free market is neither free nor fair for producers and consumers. Instead, it is largely controlled by capitalist interests.
This idealised notion of a free market under capitalism becomes a mechanism that separates producers from consumers, establishing independent pricing structures designed to generate super-profits — often at the expense of working people.
In a capitalist system, a “free market” implies that the state, government, and working masses — as both producers and consumers — cannot interfere in the market’s operations. Instead, market forces alone control prices, production, supply, demand, distribution, and consumption.
Within this framework, the purchasing power of consumers and the productive capacities of producers determine individuals’ perceived worth.
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