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In fact, without any exaggeration, the current mechanism of money creation through credit is certainly the "cancer" that's irretrievably eroding market economies of private property.
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Maurice Allais (1999). La Crise mondiale d’aujourd’hui. Pour de profondes réformes des institutions financi?res et monétaires. Editions Clément Juglar, Paris. p. 74. ISBN 2-908735-11-3. 

 

Maurice Allais

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The political principle that underlies the market mechanism is unanimity. In an ideal free market resting on private property, no individual can coerce any other, all cooperation is voluntary, all parties to such cooperation benefit or they need not participate. There are no values, no "social" responsibilities in any sense other than the shared values and responsibilities of individuals. Society is a collection of individuals and of the various groups they voluntarily form.
The political principle that underlies the political mechanism is conformity. The individual must serve a more general social interest — whether that be determined by a church or a dictator or a majority. The individual may have a vote and say in what is to be done, but if he is overruled, he must conform. It is appropriate for some to require others to contribute to a general social purpose whether they wish to or not.
Unfortunately, unanimity is not always feasible. There are some respects in which conformity appears unavoidable, so I do not see how one can avoid the use of the political mechanism altogether.

 

Milton Friedman

 

Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.

 

Paul Ormerod

 

It's a real shame that only Mr. Chomsky's tedious harangues against America get any attention. His body of work deserves more serious treatment. The interesting yet overlooked aspects of his political philosophy cannot easily fit into the left-right dichotomy. What makes Mr. Chomsky unique is that his criticism of the capitalist economic order takes its point of departure from the classical liberal thinkers of the Enlightenment. His heroes are not Lenin and Marx but Adam Smith and Wilhelm von Humboldt. He argues that the free market envisaged by these thinkers has never materialized in the world and that what we have gotten instead is a collusion of the state with private interests. Moreover he has repeatedly stressed that the attacks on democracy and the market by the big multinationals go hand in hand. The rich, he claims, echoing Adam Smith, are too keen to preach the benefits of market discipline to the poor while they reserve for themselves the right to be bailed out by the state whenever the going gets rough. As he puts it: "The free market is socialism for the rich. Markets for the poor and state protection for the rich." He has spoken positively about the work of Peruvian liberal economist Hernando De Soto who sees the problem of poverty in the Third World as being related to the fact that the poor usually lack clearly defined property rights.

 

Noam Chomsky

 

The "corporatization of America" during the past century has been an attack on democracy—and on markets, part of the shift from something resembling "capitalism" to the highly administered markets of the modern state/corporate era. A current variant is called "minimizing the state," that is, transferring decision-making power from the public arena to somewhere else: "to the people" in the rhetoric of power; to private tyrannies, in the real world.

 

Noam Chomsky

 

"Money! Money in Oz!" cried the Tin Woodman. "What a queer idea! Did you suppose we are so vulgar as to use money here?"
"Why not?" asked the shaggy man.
"If we used money to buy things with, instead of love and kindness and the desire to please one another, then we should be no better than the rest of the world," declared the Tin Woodman. "Fortunately money is not known in the Land of Oz at all. We have no rich, and no poor; for what one wishes the others all try to give him, in order to make him happy, and no one in all Oz cares to have more than he can use."
"Good!" cried the shaggy man, greatly pleased to hear this. "I also despise money — a man in Butterfield owes me fifteen cents, and I will not take it from him. The Land of Oz is surely the most favored land in all the world, and its people the happiest. I should like to live here always."

 

L. Frank Baum