|
By Prof. Dr. Bruno COLMANT, Member of the Royal Academy of Belgium
Neoliberalism cannot be dissociated from the notion of the market economy, whose absolute rationality it advocates. The market economy is an economic system in which decisions result from the confrontation of supply and demand through the free play of the market. This concept is based on the statement that every factor of production can be likened to a security traded on the market, whose protagonists - buyers and sellers - are constantly gauging future utility. It is speculative since the purpose of a market is to negotiate the unknown future.
The result of this market economy is a price derived from a confrontation of opposing expectations. But the market's superiority...
|