Facebook co-founder says free markets are a myth, U.S. needs new capitalism so everyone can prosper

Facebook co-founder says free markets are a myth, U.S. needs new capitalism so everyone can prosper [ad_1]

Facebook co-founder Chris Hughes advised CNBC on Wednesday he believes the U.S. authorities ought to take a extra lively position in constructing an financial system that delivers broad prosperity.

In an interview on “Squawk Box,” Hughes stated the new form of capitalism he envisions is hardly an outlier place following a long time of widening disparities between rich and poor Americans.

“What I’m trying to do is describe the broad common sense in America, which, I think, believes that capitalism can work but that there are many varieties of capitalism,” Hughes stated, including the best way it has been working “has not worked for most people.”

“Instead, we need to have a capitalism where markets are managed, where we have smart regulation, where we have public investment, where we have macro economic management,” stated Hughes, who left Facebook more than a dozen years ago to work for Barack Obama’s 2008 presidential marketing campaign.

Hughes is now co-chair of the Economic Security Project, which is targeted on advancing initiatives and analysis round a guaranteed income and harder antitrust enforcement within the U.S.

Chris Hughes, co-founder of Facebook.

Olivia Michael | CNBC

Hughes stated antitrust is definitely an space the place some parts of the capitalist system he is describing are already embraced by folks on each side of the American political spectrum.

“There’s a new majority on the left and the right that says government has got to step in, not to penalize any big company for doing something wrong but to create a fair market in the first place so that small businesses can flourish,” stated Hughes, who two years in the past called for Facebook to be broken up.

He has stated he liquidated his Facebook inventory in 2012 and acknowledged he made a fortune from his time working on the firm. However, he wrote in a 2018 LinkedIn post that his means to “make half a billion dollars for three years of work” demonstrates that one thing “is profoundly wrong with our economy.”

Hughes stated he sees Americans from varied backgrounds “throwing out the idea that markets were ever free.” The idea of a actually free market within the U.S., he added, is actually simply “a turn of phrase. It’s an idea. It’s a myth that’s sort of dominated the discourse.”

People within the U.S. additionally are recognizing “we need to have public investment to create the kind of prosperity that the country needs to see,” he stated. As proof, he pointed to the federal government’s essential help for the U.S. financial system in response to the coronavirus pandemic and the Great Recession earlier than it.

“The idea that if you can just let markets go that they’re sort of natural or beautiful or chaotic, that just doesn’t work,” Hughes stated. “Government steps in every time that they come apart.”

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