Price stability is a precondition for market sovereignty to replace human direction

Evidence

The reliance of the immanent laws of the market on extra-economic violence and the imposition of a moral code is clear even in relation to the most technical of areas: the Chicago Boys’ remedies for inflation. From the Chicago perspective, inflation is not merely one problem among others; it is a spanner in the well-oiled market machine. For price signals and market sovereignty to replace human direction in shaping human behaviour, price stability is essential. — Jessica Whyte, The Morals of the Market, 336

Categorization

• XREF: Connects to Marxist critique of the ‘immanent laws of the market’ relying on extra-economic coercion — resonates with the reader’s prior reading on how markets are never self-sustaining. — connects to: Neoliberal freedom amounts to submission to market sovereignty enforced by price fluctuations; Dictatorship solved the neoliberal problem of replacing popular sovereignty with market sovereignty — Jessica Whyte, The Morals of the Market: Human Rights…, 330; Whether today’s market state persists the exceptional-state modality remains unresolved

Broader Connections

• Dictatorship solved the neoliberal problem of replacing popular sovereignty with market sovereignty #expands (0.75) — Jessica Whyte, The Morals of the Market, 330
• Whether today’s market state persists the exceptional-state modality remains unresolved #qualifies (0.72)