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THE BAD
FAITH IN THE
FREE MARKET
The Radical Promise of
Existential Freedom
Peter Bloom
The Bad Faith in the Free Market
Peter Bloom
This Palgrave Macmillan imprint is published by the registered company Springer International
Publishing AG part of Springer Nature
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
v
vi Preface
repudiate the spirit of seriousness. The spirit of seriousness has two charac-
teristics: it considers values as transcendent givens independent of human
subjectivity, and it transfers the quality of “desirable” from the ontological
structure of things to their simple material constitution.
vii
viii Contents
Index 187
1
The Bad Faith in the Free Market:
The Need for Existential Freedom
Challenging Freedom
This work attempts to move beyond the existing social limits of market
freedom. The goal, in this respect, is to show the concrete limitations and
ideological narrowness of currently dominant understandings of liberty
The Bad Faith in the Free Market: The Need for Existential… 3
and agency associated with the so-called free market. Doing so, though,
requires a more complete understanding of what actually is market free-
dom. What type of liberty does it idealize, how does it seek to practically
emancipate us, and what more radical forms of freedom does it perhaps
unintentionally gesture towards?
Traditionally, capitalism has defined freedom as… the ability of indi-
viduals to, if we are to use the most technical terms, sell their goods and
labour freely in an open and competitive market. Using more everyday
says language, it is the right to choose one’s profession and lifestyle and
be fairly rewarded for their labour and enterprise. Quoting the early-
nineteenth-century French liberal economist Frederick Bastiat
Thus, since an individual cannot lawfully use force against the person, lib-
erty, or property of another individual, then the common force—for the
same reason—cannot lawfully be used to destroy the person, liberty, or
property of individuals or groups.
prices voluntarily arrived at.” Further, no one coerced you into these
actions; all that you do or do not achieve is based on your own free will.
The contemporary free market economist Jeffery Tucker:
Even the richest person, provided the riches comes from mutually benefi-
cial exchange, does not need to give anything “back” to the community,
because this person took nothing out of the community. Indeed, the reverse
is true: Enterprises give to the community. Their owners take huge risks,
and front the money for investment, precisely with the goal of serving oth-
ers. Their riches are signs that they have achieved their aims.
There are, obviously, clear and rather obvious critiques to this narrow ver-
sion of market-based freedom. Perhaps most notably is that, in practice, this
freedom often leads to greater inequality and mass deprivation, conditions
that ultimately lessen rather than enhance autonomy. There is also a stron-
ger critique to be raised on purely freedom grounds. It is that wage labour is
inherently unfree as it is based on a relationship of economic dependency.
This was certainly the view, for instance, of a number of the “founding
fathers” of the American Revolution (Foner 1999). This point in and of
itself is damaging but not fatal to market freedom as the solution to this
dependency problem is economic ownership and entrepreneurism.
A perhaps more damning critique, in this respect, is that this freedom
is historical rather than inherent. To this end, it evolved over time to
reinforce specific power relations and imbalances. The US political scien-
tist Eric MacGilvray (2011: 1) explores this precise dynamic in his recent
book The Invention of Market Freedom:
So complete is this shift in usage that the phrase the “free market” sounds
almost redundant to our ears, and the “libertarian” the partisan of liberty is
generally understood to be a person who favours the extension of market
norms and practices into nearly all areas of life … These dramatic changes
in usage are of more than merely historical interest, because freedom over
the same period of time become one of the most potent words in our politi-
cal vocabulary, and the effort to expand the use of the market as a means of
realizing social outcomes has greatly intensified, especially in recent decades.
includes the religiosity of the free market. Yet amidst these various recrim-
inations there is still little fundamental discussion of a need for a different
theoretical and empirical account of freedom alternative to the one put
forward by capitalism.
However, it is exactly, in this respect, that existentialism remains so
potent and radical. It holds the promise of reactivating human agency,
the ability of people—both individually and collectively—to reinterpret
their realities and freely choose different ones. Such freedom is not naïve,
blissfully ignoring of material conditions and psychic attachments.
Instead it is a profound form of radical, critical reflection and action,
challenging and even demanding subjects reject their idols and meaning-
fully engage with the shaping of their social condition.
Importantly, such existentialism transcends specific debates over the
attractiveness of one set of freedoms over another. Conversely, it high-
lights the eternally unfinished business of freedom. Any attempt to natu-
ralize freedom is questioned as necessarily precluding the deeper human
ability to choose one’s own destiny and way of life. Paradoxically, it is—as
will be shown throughout this book—the intrinsic presence of freedom
in our existence that undermines all attempts at making inherent any
singular expression of what freedom is.
The free market, in turn, is challenged exactly based on its assertion that
it has exhausted the possibilities of freedom. In doing so it runs up against
a fundamental existential freedom. It is the fact that people ultimately
have to choose this existence that its hegemony is only ever dependent on
people literally and figuratively buying into it. The constant refrain that
“There is no alternative” masks a contingent reality, where a historically
specific form of Being is never so stable or indeed permanent.
Nevertheless, the chains of the free market are not simply broken by
imagining them away. They are kept in place by our material and psychic
attachment to our existing freedoms. While we may dismiss, in principle,
capitalism, it is considered an incontrovertible fact that for us to experi-
ence any sense of agency we must abide by its prerogatives and expecta-
tions. To wit, one may not like wage labour, but there are few other viable
avenues to limitedly shape our personal circumstances then by making
oneself more employable in a competitive job market. It is all too easy,
therefore, to dismiss the existential free choice as blind to our material
10 P. Bloom
realities or condemn those who choose the freedom at hand over one that
does not yet exist. A chief aim of this book is to show how it is this gap
between desire and ability, the longing for a different freedom and a pres-
ent which makes it seemingly impossible to realize, that is fertile grounds
for reactivating this fundamental and radical existential freedom—both
in thought and action.
The existential critique of the market then is precisely on the grounds of
freedom. While certainly concerned with its glaring economic and social
problems, from inequality to global poverty, the thrust of its attack is that
the free market limits our possibilities for conceiving and engaging with a
diverse array of freedoms. Its critique is simultaneously eternal and always
historically specific. It calls upon us to take an existential leap of faith
beyond our current foundations, letting go of our limited freedoms, for
the possibilities of experimenting with new ones still to be discovered.
required for the health and survival of the whole. Moralized sacrifice
finesses the paradox of unrewarded conduct normatively prescribed by
neoliberalism. (Brown 2015: 4)
The answer lies, hence, not in the total investment in refounding free-
dom. By contrast, it is in the ironic acceptance and radical engagement
with our fundamental lack of any foundations. In the first instance, this
implies recognizing that life is in fact meaningful—that it is filled with
human created meanings that are available for reinterpretation. It also
requires an honest assessment and judgement as to which aspects of our
existence are we meaningfully prioritizing and in turn what sort of social
reality does this serve to reinforce and reproduce?
However, it also sets a new challenge for humans in relation to free-
dom. It is not so much whether we embody or have perfected a prevailing
version of freedom but instead our willingness and capacity to construct
new freedoms. This challenge is, of course, multifaceted. Specifically, it
calls upon us to set ourselves paradoxically free of freedoms—to recog-
nize which forms of agency are currently defining our existence and
choosing to subvert and potentially upend them. Yet, this admittedly
ironic theoretical troubling of freedom—regardless of how abstractly
radical—is itself insufficient. It is only the first step. The next is to assess
and instantiate new forms of freedom liberated from those of the past
(though not necessarily completely disregarding of them).
Doing so, obviously, is easier written about then done. What is required
is the commitment to a philosophical perspective that constructively
engages with our foundationless existence. While often dismissed as
overly esoteric or an untenable basis for practically theorizing freedom—
current post-structuralist thinking offers just such an opportunity. There
is a common critique that post-structuralism is a complete rejection of
social structures in general, the total relativization of meaning as such.
Nevertheless, this is only part of its philosophical story. It is also a theo-
retical call to critically reflect on what is meaningful, which structures
prevail, in order to better understand how they can be reinterpreted and
how existing culture can operate differently.
12 P. Bloom