by Noam Chomsky
Delivered at Harvard University, April 13, 1996
Transcription courtesy of William Greene
For those who are interested in the real world, a look at the actual history suggests some adjustment — a modification of free market theory, to what we might call “really existing free market theory.” That is, the one that’s actually applied, not talked about.
And the principle of really existing free market theory is: free markets are fine for you, but not for me. That’s, again, near a universal. So you — whoever you may be — you have to learn responsibility, and be subjected to market discipline, it’s good for your character, it’s tough love, and so on, and so forth. But me, I need the nanny State, to protect me from market discipline, so that I’ll be able to rant and rave about the marvels of the free market, while I’m getting properly subsidized and defended by everyone else, through the nanny State. And also, this has to be risk-free. So I’m perfectly willing to make profits, but I don’t want to take risks. If anything goes wrong, you bail me out.
via Free Market Fantasies: Capitalism in the Real World, by Noam Chomsky (talk delivered at Harvard University)