The Market Still Works
It still provides material goods in abundance.
Yesterday I took the bus from my small town of Orosi, to the nearest large town of Cartago. I did my grocery shopping at a WalMart store – and then took a taxi to the company that flies my mail and packages in from Miami, where I picked up a digital camera I had ordered from Amazon. Then I bought some chicken burgers from McDonalds, and a crunchy crispy from Taco Bell.
Yet in other ways, the Market is not working. The Financial Industry (for lack of a better term) produced the Great Recession of 2008 – which we have not recovered from. The solution is better regulation – but this regulation is making is difficult for Finance to operate.
Globalization has been good for goods of all kinds, that can now flow across national borders easily. But the same unrestricted flow of money has created BIG problems.
It is clear to me that we have two markets, doing different things. But we still think they are the same – in our minds.