Cornel West on "Free Market Fundamentalism"

From Democracy Matters (2004):

"The first dogma of free-market fundamentalism posits the unregulated and unfettered market as idol and fetish. This glorification of the market has led to a callous corporate-dominated political economy in which business leaders (their wealth and power) are to be worshipped - even despite the recent scandals - and the most powerful corporations are delegated magical powers of salvation rather than relegated to democratic scrutiny concerning both the ethics of their business practices and their treatment of workers. This largely unexamined and unquestioned dogma that supports the policies of both Democrats and Republicans in the United States - and those of most political parties in other parts of the world - is a major threat to the quality of democratic life and the well-being of most peoples across the globe. It yields an obscene level of wealth inequality, along with its corollary of intensified class hostility and hatred. It also redefines the terms of what we should be striving for in life, glamorizing materialistic gain, narcissistic pleasure, and the pursuit of narrow individualistic preoccupations - especially for young people here and abroad.

"Free market fundamentalism - just as dangerous as the religious fundamentalisms of our day - trivializes the concern for public interest. The overwhelming power and influence of plutocrats and oligarchs in the economy put fear and insecurity in the hearts of anxiety-ridden workers and render money-driven, poll-obsessed elected officials deferential to corporate goals of profit, often at the cost of the common good. This illicit marriage of corporate and political elites - so blatant and flagrant in our time - not only undermines the trust of informed citizens in those who rule over them. It also promotes the pervasive sleepwalking of the populace, who see that the false prophets are handsomely rewarded with money, status, and access to more power. This profit-driven vision is sucking the democratic life our of American society.

"In short, the dangerous dogma of free-market fundamentalism turns our attention away from schools to prisons, from workers' conditions to profit margins, from health clinics to high-tech facial surgeries, from civic associations to pornographic Internet sites, and from chidren's care to strip clubs. The fundamentalism of the market puts a premium on the activities of buying and selling, consuming and taking, promoting and advertising, and devalues community, compassionate charity, and improvement of the general quality of life. How ironic that in America we've moved so quickly from Martin Luther King Jr.'s "Let Freedom Ring!" to "Bling! Bling!" - as if freedom were reducible to simply having material toys, as dictated by free market fundamentalism."