But the idea that free markets remove power relations from the equation is just naïve. It’s increasingly clear, for example, that monopsony power is depressing wages; but that’s not all it does. Corey Robin says “socialism” – but as far as I can tell he really means social democracy: Denmark, not Venezuela. Unions do somewhat limit workers’ options, but they also offer an important counterweight against corporate monopsony power. Oh, and social safety net programs can do more than limit misery: they can be liberating.

Source: New York Times August 26, 2018 18:22 UTC