Obituary of the Free Market Doctrine

 Zafar Imam

 It has emerged that famous doctrine of capitalism in the period of 80s – the ‘free market economy’ – is “sadly” no more alive in the practice, except text books. The creation of Jeffery Friday and cheerfully presented by Chicago School of Economics, the mantra of ‘free market’ died a rather shameful death in the credit crunch started from U.S some two and half years back. Washington Boys, since then have tamed a form of economic model much near to the state capitalism. But nobody has yet confessed that U.S,UKor other world economic powers have switched to the state capitalism in form of tight regulations, bailout packages and financial injections to boost the market, which was believed to be self-regulatory. In the wake of financial quake, this ‘self-regulatory’, ‘self-corrective’ metaphysical ‘free market’ didn’t work. It simply collapsed. Simply, without any further bogus slogans.


Contributions of the late ‘free market economy’ to the society are numerous. The past century is particularly indebted with services the free market economy (call it Neo-liberalism) had rendered to it. These contributions will be remembered so long in history. The list goes miles long, but its outstanding contribution to the society is this that it kept more than half the world population hungry, unemployed, without medicine and shelterless. It created such economic policies that a vast majority of people, children especially in sub-Saharan and third world countries starved to the death. The 2nd most outstanding contribution is the fact that it made possible the accumulation of astronomical amounts of capital in fewer hands, while leaving a vast majority at the mercy of it. It happened first time in the history that fewer hands accumulated more capital, and more people had less of it. Thanks to the neo-liberal doctrine, that it created some many new billionaires, at the same time gave birth to the unprecedented levels of poverty rarely seen in the history.

Though, such practices still continue, but after the death of free market doctrine Boys there in Washington and Wall Street have lost all their confidence. They still continue to be the best bad boys found in the world, but now because of the loss of confidence they have dug out the old ‘state capitalism’ from its grave.


We offer condolences to Mr. Obama and his fellows there in oval office, at the shameful expiry of free market doctrine. We also share same feelings with the Wall Street gangsters; not to forget all their apologists in the world. But we highly feel ‘sad’ for those leftists who had harder faith in the ‘new world order’ and ‘changed realities’ (Neo-liberalism Free Market Doctrine) than theirWashingtonmasters. After the fall ofSoviet Unionand Berlin Wall, they really started to believe in free market doctrine more than its creators. All you boys! Its time to say farewell to the deceased!

2 Responses

  1. I am with you in this sad state of sad demise of free Market …may the doctrine be blessed there …where it went…may its soul rest and be patient ……

  2. hahaha
    alas! it is dead, feeling sorry for washington boys.

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