The Big Myth by Naomi Oreskes & Erik M. Conway Summary

The Big Myth by Naomi Oreskes & Erik M. Conway Summary

In this critique of the prevailing belief in market superiority, the question is raised: "Why do numerous Americans harbor a profound trust in markets while holding a diminished faith in the government?" This query is explored by Oreskes and Conway, building upon their earlier 2010 work, "Merchants of Doubt."

In their previous endeavor, they scrutinized the manipulation of science to undermine the realities of climate change and the connection between smoking and cancer. This time, they extend their analysis to the meticulously nurtured belief in "free-market" fundamentalism, which posits that any form of business regulation equates to tyranny.

This belief, propagated by economists like Friedrich von Hayek and Milton Friedman, elevates market efficiency as a paramount tenet of freedom, seemingly implying that efficiency is the sole pillar of a successful economy.

However, Oreskes and Conway compellingly argue that this view conveniently overlooks the faults inherent to capitalism and adamantly refuses to acknowledge the most potent tool we have to amend these faults: the government. The plea for a laissez-faire economy is not a new phenomenon, as noted by the authors.

Over a century ago, corporate moguls vehemently opposed child labor laws, invoking the familiar rhetoric that such matters should be relegated to individual states. Organizations like the National Association of Manufacturers were established to thwart such regulations, steadfastly maintaining that societal inequalities were innate, and neither the government nor the corporate sector was obligated to level the playing field.

In contemporary times, this organization persistently opposes workplace regulations and allies with the fossil fuel sector in evading responsibility for the environmental damage engendered by its operations.

Various other entities further foster this denialism and financial disparity, ranging from the Federal Reserve prioritizing low inflation over reduced unemployment, to libertarian-leaning think tanks in universities nationwide disseminating the narrative that portrays the government as incompetent and the market as virtuous.

This analysis stands as a timely and persuasive addition to the discourse surrounding economic inequality and regulatory necessities.


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