What we have at present is a system of loss socialism. Whatever goes wrong is shouldered by the general public and anything that works is privatised. Worshippers of market freedom have suspended the most important economic principle: Risk and liability go hand in hand.

Summary

This quote criticizes the current economic system, referring to it as a form of "loss socialism." It argues that when something goes wrong, the burden falls on the public as a whole, while anything successful is privatized. The quote suggests that those who advocate for market freedom have disregarded the essential economic principle that risk and liability should be interconnected. In other words, the system is seen as favoring corporations and privatization while neglecting the accountability and consequences associated with taking risks.

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