Economic imagery pervades societal discourse. Part of this imagery projects markets as existing everywhere; the common societal parlance sees talk of the car market, the grocery market, the computer market, or, simply, the market. Yet, excepting traditional marketplaces or medinas, these markets have no physical manifestation. Unlike with other major social institutions there is no where to visit; there is no headquarters. Instead, markets are said to exist when there are competitors in the provision of services or goods and where each competitor has a fair and equal chance of succeeding. The market, then, exists in a metaphorical, rather than physical, sense – it implies that the capitalist system operates diffusely like a marketplace, rather than there being an actual marketplace in which economic transactions take place.
The further extension of economic imagery has seen the market metaphor applied to the provision of political and economic ideas, with the notion being that there exists a level-playing field on which ideas are free to compete and that this competition will weed out weaker ideas. Hence, “no platforming” of racist or homophobic speakers should be staunchly opposed as it will impede the competitive destruction of abhorrent ideas. An important ancillary notion is that any idea that has come to be orthodox received wisdom has justly achieved this status through free and fair competition in the marketplace of ideas.
The problems with this account of the ideational development of society are legion, but I’ll limit myself to explaining just three, namely 1) product heterogeneity, 2) distribution of ideas, and 3) production of ideas.Read More »