Freedom is Slavery
I cannot believe we are seeing such nonsense in this day and age. The right is now reaching deep into the 19th century for inspiration.
(Chicago) Labor will not be entirely free until it can be bought and sold, says a cutting edge new report from the Freedom Institute, a right-leaning think tank.Â The return of slavery is an inevitable part of an “ownership society”, not to mention a fresh economic idea to kick-start a depressed economy.
“Abolishing slavery was the first step towards the welfare state and big government,” said Milton Freedman, the Institute’s Executive Director.Â “We need a return to good ol’ family values, back when people could be free to buy and sell labor as they pleased, without some overpaid bureaucrat getting in their way.”
The report, Freedom is Slavery, notes that current labor markets are inherently incomplete.Â They cannot fulfill their task of efficient allocation of resources because firms are limited in their ability to purchase labor.Â This poses immeasurable economic costs in terms of wasted human resources.
In addition to accelerated economic growth, the report predicts a number of other benefits.Â Slavery would virtually wipe out rapidly rising unemployment through market forces.Â Because supply creates its own demand, the market would determine how much people are truly worth.
Secondary benefits would come from population health improvements and an end to homelessness.Â Masters always have a strong incentive to take good care of their slaves, by housing them, feeding them well and keeping them in good physical shape to be able to perform at peak productivity levels.
The report’s findings will be controversial, acknowledges Freedman.Â As a first step, the report recommends a transitionary move to debt peonage, a system whereby workers are tied to owners because of accumulated debt. Outright ownership would follow soon after.
The transition stage makes a great deal of sense given the huge accumulated debt loads of today’s households, and the fallout of a collapse in housing and stock values.
“This could be a Nixon-goes-to-China moment for the Obama administration,” adds Freedman.Â “Economic freedom is much more important to a vibrant economy â€“ just look at countries like China that have the highest growth rates.Â You don’t see them whining about political freedom.”
To download a copy of the report, click here.