Socialist Appeal - Not So Free Enterprise

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Not So Free Enterprise

By Socialist Appeal

Thursday, 06 January 2011

From time to time, the ruling class sends forth its so-called experts to explain to us poor souls how capitalism works in all our interests. They patiently outline how free enterprise and open competion is the bedrock of capitalism and that such a system works best to create jobs and wealth for all.

Meanwhile in the real world we actually see quite the opposite. Let’s look at the way the casino world of trading derivatives operate.

According to the New York press, it seems that the big banks have been running a secret committee which meets once a week in Wall Street to ‘watch over’ things. In reality, it has been discovered, it’s actual purpose is to ensure that the big players - UBS, Goldman Sachs etc. - maintain their dominance over the market. The press have reported that this body has been hard at work stopping other banks from getting a piece of the action and has even resorted to keeping prices data hidden from those not in the gang. So much for competion!

A lot of money is involved as these banks can collect billions of dollars in undosclosed fees through this market. All attempts to impose even mild regulation over these banksters are now being blocked by the incoming Republicans - no doubt under orders.

Marx understood this way back in the 19th Century when he explained how the real aim of capitalism is to destroy its competitors and through such dominance achieve an ever greater grip on the marketplace. The huge increase in monopolisation during the last few decades is one such expression of this. At the end of the day, the bosses want just one thing - profit, profit and yet more profit.

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