Very often when market become open and unregulated -- especially when they do so suddenly -- we see exactly this kind of thing being done by businesses, and for the same reason why formerly economically repressive governments under-regulate when they open markets.
I think it's because, roughly speaking, they actually try to implement our rhetoric.
We talk about the free-market, deregulation, and the virtues of self-interest and competition. But that's not how we act. Our rhetoric is all about capitalism, and even the association with the word "socialism" is political death in our society. But what we believe in, in fact, is a complex blend between capitalism and socialism. When we see countries actually try to implement our rhetoric, we see the same human rights abuses and governmental irresponsibility which marred England during the industrial revolution. Widespread fraud, inhumane working conditions, and a lack of concern for the public, as well as unconscionable health risks.
Here's an example from an economist who you might have heard of, writing in 19th Century England:
[quote] One example. In London there are two sorts of bakers, the “full priced,” who sell bread at its full value, and the “undersellers,” who sell it under its value. The latter class comprises more than three-fourths of the total number of bakers. (p. xxxii in the Report of H. S. Tremenheere, commissioner to examine into “the grievances complained of by the journeymen bakers,” &c., Lond. 1862.) The undersellers, almost without exception, sell bread adulterated with alum, soap, pearl ashes, chalk, Derbyshire stone-dust, and such like agreeable nourishing and wholesome ingredients. (See the above cited Blue book, as also the report of “the committee of 1855 on the adulteration of bread,” and Dr. Hassall’s “Adulterations Detected,” 2nd Ed. Lond. 1861.) Sir John Gordon stated before the committee of 1855, that “in consequence of these adulterations, the poor man, who lives on two pounds of bread a day, does not now get one fourth part of nourishing matter, let alone the deleterious effects on his health.” Tremenheere states (l.c., p. xlviii), as the reason, why a very large part of the working-class, although well aware of this adulteration, nevertheless accept the alum, stone-dust, &c., as part of their purchase: that it is for them “a matter of necessity to take from their baker or from the chandler’s shop, such bread as they choose to supply.” As they are not paid their wages before the end of the week, they in their turn are unable “to pay for the bread consumed by their families, during the week, before the end of the week,” and Tremenheere adds on the evidence of witnesses, “it is notorious that bread composed of those mixtures, is made expressly for sale in this manner.” In many English and still more Scotch agricultural districts, wages are paid fortnightly and even monthly; with such long intervals between the payments, the agricultural labourer is obliged to buy on credit.... He must pay higher prices, and is in fact tied to the shop which gives him credit. Thus at Horningham in Wilts, for example, where the wages are monthly, the same flour that he could buy elsewhere at ls 10d per stone, costs him 2s 4d per stone. (“Sixth Report” on “Public Health” by “The Medical Officer of the Privy Council, &c., 1864,” p.264.) [/quote] http://www.marxists.org/archive/marx/works/1867-c1/ch06.htm
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Wow -- renal failure.
Very often when market become open and unregulated -- especially when they do so suddenly -- we see exactly this kind of thing being done by businesses, and for the same reason why formerly economically repressive governments under-regulate when they open markets.
I think it's because, roughly speaking, they actually try to implement our rhetoric.
We talk about the free-market, deregulation, and the virtues of self-interest and competition. But that's not how we act. Our rhetoric is all about capitalism, and even the association with the word "socialism" is political death in our society. But what we believe in, in fact, is a complex blend between capitalism and socialism. When we see countries actually try to implement our rhetoric, we see the same human rights abuses and governmental irresponsibility which marred England during the industrial revolution. Widespread fraud, inhumane working conditions, and a lack of concern for the public, as well as unconscionable health risks.
Here's an example from an economist who you might have heard of, writing in 19th Century England:
[quote]
One example. In London there are two sorts of bakers, the “full priced,” who sell bread at its full value, and the “undersellers,” who sell it under its value. The latter class comprises more than three-fourths of the total number of bakers. (p. xxxii in the Report of H. S. Tremenheere, commissioner to examine into “the grievances complained of by the journeymen bakers,” &c., Lond. 1862.) The undersellers, almost without exception, sell bread adulterated with alum, soap, pearl ashes, chalk, Derbyshire stone-dust, and such like agreeable nourishing and wholesome ingredients. (See the above cited Blue book, as also the report of “the committee of 1855 on the adulteration of bread,” and Dr. Hassall’s “Adulterations Detected,” 2nd Ed. Lond. 1861.) Sir John Gordon stated before the committee of 1855, that “in consequence of these adulterations, the poor man, who lives on two pounds of bread a day, does not now get one fourth part of nourishing matter, let alone the deleterious effects on his health.” Tremenheere states (l.c., p. xlviii), as the reason, why a very large part of the working-class, although well aware of this adulteration, nevertheless accept the alum, stone-dust, &c., as part of their purchase: that it is for them “a matter of necessity to take from their baker or from the chandler’s shop, such bread as they choose to supply.” As they are not paid their wages before the end of the week, they in their turn are unable “to pay for the bread consumed by their families, during the week, before the end of the week,” and Tremenheere adds on the evidence of witnesses, “it is notorious that bread composed of those mixtures, is made expressly for sale in this manner.” In many English and still more Scotch agricultural districts, wages are paid fortnightly and even monthly; with such long intervals between the payments, the agricultural labourer is obliged to buy on credit.... He must pay higher prices, and is in fact tied to the shop which gives him credit. Thus at Horningham in Wilts, for example, where the wages are monthly, the same flour that he could buy elsewhere at ls 10d per stone, costs him 2s 4d per stone. (“Sixth Report” on “Public Health” by “The Medical Officer of the Privy Council, &c., 1864,” p.264.)
[/quote]
http://www.marxists.org/archive/marx/works/1867-c1/ch06.htm
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