Monopoly: too big to ignore

by John Quiggin on March 9, 2019

That’s the headline given to my latest piece in Inside Story

Here’s the opening para

Two hundred years after the birth of Karl Marx and fifty years after the last Western upsurge of revolutionary ferment in 1968, the term “monopoly capitalism” might seem like a relic of outmoded enthusiasms. But economists are increasingly coming to the view that monopolies, and associated market failures, have never been a bigger problem.

and the conclusion

The problems of monopoly and inequality may seem so large as to defy any response. But we faced similar problems when capitalism first emerged, and Western countries came up with the responses that created the broad-based prosperity of the mid twentieth century. The internet, in particular, has the potential to enhance freedom and equality rather than facilitate corporate exploitation. The missing ingredient, so far, has been the political will.

Locke and slavery, again

by John Quiggin on March 9, 2019

A few years ago, I wrote a series of articles in Jacobin showing how Locke’s theory of property, on which most modern propertarianism is based, was entirely consistent with his personal involvement in American slavery and the expropriation of indigenous Americans. Historian Holly Brewer has come to Locke’s defence, pointing to more evidence about Locke’s involvement in American affairs, of which I was previously unaware. I’ve responded[1], arguing that, far from exonerating Locke, the new evidence shows that Locke was deeply enmeshed in American slavery throughout his life, yet never took a stand against it.

Brewer’s broader concern is to defend liberalism against critics who argue, pointing to Locke and the US Founding Fathers, that the whole ideology was conceived in the context of slavery. Here, I think she is making a mistake in accepting the idea of Locke, rather than the much more defensible Adam Smith as the founding theorist of liberalism.

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