August 11th, 2010

S.C. Hickman

Monopoly Capitalism and The Economics of Destruction

     "Today we face one of the gravest crises in our history... I speak of the political and economic
      effects of monopolization. And I speak of the fragility, due to monopolization, of all the systems
      on which we rely."
            - Barry C. Lynn, Cornered

In his new book Barry C. Lynn outlines the progress of corporations to monopolize and consolidate power over the American people, as well as their growth into a world system of transnational governance over the world economy. In the first three chapters he outlines how corporations have used the legal systems of the American government to consolidate economic and political power and destroy the industrial, agricultural, and humanistic institutions of Liberty that governed our society since the early days of the Republic. In the middle three chapters of the book he shows how this economic and political destruction of the American system has affected the general populace. And, in the last third of the book, he analysis the affects this destructive monopolization of power and politics has deranged the world system itself.

Watching the reports of late of China's economic problems helps us understand just how interdependent the whole world economic and political system is at the moment. American monopolists have tightly consolidated their grip on the world system by deindustrializing our country and shipping both jobs and industry overseas to China. Instead of an Industrial producer nation we've become a service oriented consumerist power that relies on our products being served to us through monopolist trade organizations like Wal-Mart.

Lynn sees that the main culprit in the latest battle between common people of our nation and the political and economic elites was a brainchild of the Chicago School of Economics. Milton Friedman and his proteges with their ideology of free market capitalism helped consolidate the corporatist statist system we all live in today. In an article for the Washington Monthly Lynn tells us of this school: "...a group of thinkers centered around the economist Milton Friedman began to develop arguments in favor of resurrecting the laissez-faire political economic theories of the nineteenth-century monopolists. Their basic contention was that America’s markets and America’s industrial activities should be governed by private individuals. They held that when public officials participated in the management of industrial corporations or used antitrust law to protect open markets, such actions merely distracted the private executives in charge of these institutions from the task at hand." read more...

He tells us that the deregulation of the antitrust laws and regulatory policies that have protected both our open markets and our lives as citizens as entrepreneurs, small business owners, farmers, and workers led to the endgame of the 2008 Meltdown: "And it was precisely this dynamic that the pro-consolidation policies launched in the Reagan years would eventually upset. By the time the 2000s rolled around, industry after industry had been consolidated; the "innovation by acquisition" trend was in high gear; antitrust enforcement was reaching a new low in George W. Bush’s administration; and a plethora of global capital, unable to find enough attractive growing companies to invest in, started flowing into subprime mortgages and other financial exotica. The rest, as they say, is history."

It would take me a long while to analyse every detail of this great book. So instead I urge you to seek it out and read it and pass it on to a friend or many friends if you want to know what is really happening in our political and economic systems at the moment. Go here as fast as you can and pick up a copy today: click here.