Like all fundamentalist faiths, Chicago School economics is, for its true believers, a closed loop. The starting premise is that the free market is a perfect scientific system, one in which individuals, acting on their own self-interested desires, create the maximum benefits for all. It follows ineluctably that if something is wrong within a free market economy – high inflation or soaring unemployment – it has to be because the market is not truly free. There must be some interference, some distortion in the system. The Chicago solution is always the same: a stricter and more complete application of the fundamentals.
– Naomi Klein, The Shock Doctrine: The Rise of Disaster Capitalism
Several years ago I read Fr. Sergei Bulgakov’s claim that Marxism is not social science but a kind of religion. Recently I realized his argument could also be applied to the laissez-faire capitalism promoted by “market liberalism” (which is basically libertarianism). Beginning with Bulgakov, here are a few reasons why I think market liberalism is a religious movement. Continue reading Three Reasons Why Market Liberalism is a Religion