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Get a firm grasp of basic economics; Views of Wales.

SIR - Ian Roblin's letter "Corbynomics would hit entrepreneurship" (Letters, September 21) is based on the failed "free-market" neo-liberalist doctrine of Milton Friedman which inevitably led to the great casino capitalist crash of 2007-08.

In Mr Roblin's fantasy economics there were perhaps no housing bubbles, toxic debts, bailed-out bankers or workers' wages pegged to the minimum? The Davos Class (see www.tni.org) benefited from the massive state bailout. In the UK the national debt rose by PS850bn (National Audit Office).

For the still deregulated finance institutions/banks it is business as usual with PS1m bonuses for their CEOs; for us it's ideologically driven "austerity" programmes imposed to roll back the welfare state and to further privatise public services for the greed of trans-national companies.

The poor, disabled and most vulnerable were scapegoated. As were the immigrants.

So much for the "stifling regulation", Mr Roblin! The fact is there is no "intense competition" between "suppliers". What we have is a tyranny of the trans-nationals with cartels and monopolies based on economic fascism.

Indeed, let's heed Adam Smith's contempt for "the vile maxim of the masters of mankind" (the merchants of his day): "All for ourselves, and nothing for other people."

This has not produced free market competition but a corpocracy of powerful companies/financial institutions whose monopolies are fully supported by their client - welllobbied governments.

In the UK we taxpayers gave them PS93bn in the form of subsidies and tax exemptions last year. Ian Roblin's economic doctrine has ensured the emergence of a global Davos class who wallow in rich abundance (the 0.1%) on the one hand and mass poverty and economic destruction on the other!

Of course we get trickle-down, that's when they drink champagne and issue the results on us.

I suggest Mr Roblin drops the outdated theories of Milton Friedman and his Chicago School thugs. A good educational startingpoint is a film by M Winterbottom entitled The Shock Doctrine.

For a grasp of basic economics and what is actually going on he should seek out urgently The Poverty of Capitalism, by John Hilary.

Corbynomics is a very small step in the right direction (See Noam Chomsky's "Notes on Anarchism" pamphlet).

Terry Banfield (member: Anarchist Federation/ IWW)

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Title Annotation:Letters
Publication:Western Mail (Cardiff, Wales)
Date:Sep 30, 2015
Words:369
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