Like all fundamentalists who get their clammy hands on the levers of power, the market fanatics are going to kill off every humane, life-enhancing, generous, imaginative and decent corner of our public life.... Market fundamentalism, this madness that's infected the human race, is like a greedy ghost that haunts the boardrooms and council chambers and committee rooms from which the world is run these days. The greedy ghost understands profit all right. But that's all. What he doesn't understand is enterprises that don't make a profit, because they're set up to do something different. He doesn't understand libraries at all....

I'm a free-marketeer. I believe in free markets, but... sometimes you have things that look like free markets but aren't because of artificial reasons. I'm not very happy with the current state of what calls itself free market economy in the world because you've got all these grotesque monopolies that are able to game the system in a way that's to their advantage by virtue of their power, and that's not a free market. A real free market has some kind of countervailing influence from the government to keep a monopoly in check, but this government... it's not about free marketing principles, it's about greed pure and simple. And this government wants to assure that the other people that they went to college with get just as rich as they do. This country is going to make Mexico look like Sweden inside of ten years in terms of wealth distribution, because there are no countervailing forces. They've eliminated tax basically for the ultra-rich, they've eliminated any control over monopolies, the greedy have free reign and its just going to be the super rich and the peasants.

In the Western media and in Western popular thinking, the term "fundamentalist" is almost restricted to Islamic groups, and yet the New World Order is characterized by the upsurge of so-called fundamentalist religious movements. Fundamentalism is a universal phenomenon, which increases with increasing poverty and racism.

The brave new world of market fundamentalism promises endless progress and seduces many through virtual pleasures, a festival of consumerism, digital gadgets galore, fast lanes and fast tracks to everywhere and nowhere, the illusion of doing more with less. One day, however, we may wake up with a heavy spiritual hang-over, realizing we have entered the dystopian age of conformism, of mass surveillance and consequent self-censorship, burdened by a sense of not coping with those things that really matter, enveloped by a paralyzing meaninglessness, seemingly unable to escape, condemned to the anesthetizing panem et circensis imposed by the Zeitgeist. We may think we can check out of the New World Hotel to join the dissident ranks, but it may be too late to exit — because there may not be anywhere for vagabonding misfits to go.

While the Marxist faith in central planning is now confined to a few dingy sects, a quasi-religious belief in free markets continues to shape the policies of governments.<p>Many writers have pointed to the havoc and ruin that have accompanied the imposition of free markets across the world. Whether in Africa, Asia, Latin America or post-communist Europe, policies of wholesale privatisation and structural adjustment have led to declining economic activity and social dislocation on a massive scale.

One of the most characteristic new developments since the 1970s has been the rise of a type of religiosity that we usually call “fundamentalism” in most of the major world religions, including the three religions of God. A highly political spirituality, it is literal and intolerant in its vision. In the United States, which has always been prone to extremist and apocalyptic enthusiasm, Christian fundamentalism has attached itself to the New Right. Fundamentalists campaign for the abolition of legal abortion and for a hard line on moral and social decency.

At the center of market fundamentalism lies the general acceptance of the Walrasian general equilibrium model, or the neo-classical paradigm. Although many economists came to doubt the universal validity of such models in view of economies of scope, bounded rationality, asymmetric information, and other types of market imperfections and ventured into institutional analysis, the orthodoxy still remains the one which postulate some type of rationality of atomized individuals and the market which mediate among these atomized individuals and firms to reach some stable equilibrium.

Fundamentalist movements in all faiths share certain characteristics. They reveal a deep disappointment and disenchantment with the modern experiment, which has not fulfilled all that it promised. They also express real fear. Every single fundamentalist movement that I have studied is convinced that the secular establishment is determined to wipe religion out. This is not always a paranoid reaction. We have seen that secularism has often been imposed very aggressively in the Muslim world. Fundamentalists look back to a “golden age” before the irruption of modernity for inspiration, but they are not atavistically returning to the Middle Ages. All are intrinsically modern movements and could have appeared at no time other than our own. All are innovative and often radical in their reinterpretation of religion. As such, fundamentalism is an essential part of the modern scene. Wherever modernity takes root, a fundamentalist movement is likely to rise up alongside it in conscious reaction. Fundamentalists will often express their discontent with a modern development by overstressing those elements in their tradition that militate against it.

Most of us have had some experience interacting with religious fundamentalists, and we understand that one of the problems with fundamentalists is that they have no perspective on themselves. They never recognize that their way of thinking is just one of many other possible ways of thinking, which may be equally useful or good. On the contrary, they believe their way is the right way, everyone else is wrong; they are in the business of salvation, and they want to help you to see things the right way. They want to help you be saved. They are totally rigid and totally uninterested in opposing points of view. In our modern complex world, fundamentalism is dangerous because of its rigidity and its imperviousness to other ideas.

Fundamentalism, especially the kind which appropriates itself of a religious matrix, is never acceptable. It is a stance exploited merely as a means to justify extremism or even failure of a personal life or vision of the future.

We need to maintain law and order. We need to maintain peace in the world. We need to protect the environment. We need to have some degree of social justice, equality of opportunity. The markets are not designed to take care of those needs. That's a political process. And the market fundamentalists have managed to reduce providing those public goods.

Muslim fundamentalists have toppled governments and either assassinated or threatened the enemies of Islam with the death penalty. Similarly, Jewish fundamentalists have settled in the Occupied Territories of the West Bank and the Gaza Strip with the avowed intention of driving out the Arab inhabitants, using force if necessary. Thus they believe that they are paving a way for the advent of the Messiah, which is at hand. In all its forms, fundamentalism is a fiercely reductive faith.

It is the indignity of being treated as disposable that pushes people towards religious fundamentalism in order to retrieve a sense of self, of meaning, of significance. This is why globalization breeds religious fundamentalism and free markets create terrorism and extremism, not democracy. (p80)

Fundamentalism therefore reveals a fissure in society, which is polarized between those who enjoy secular culture and those who regard it with dread. As time passes, the two camps become increasingly unable to understand one another. Fundamentalism thus begins as an internal dispute, with liberalizers or secularists within one’s own culture or nation. In the first instance, for example, Muslim fundamentalists will often oppose their fellow countrymen or fellow Muslims who take a more positive view of modernity, rather than such external foes as the West or Israel. Very often, fundamentalists begin by withdrawing from mainstream culture to create an enclave of pure faith (as, for example, within the ultra-Orthodox Jewish communities in Jerusalem or New York). Thence they will sometimes conduct an offensive which can take many forms, designed to bring the mainstream back to the right path and resacralize the world. All fundamentalists feel that they are fighting for survival, and because their backs are to the wall, they can believe that they have to fight their way out of the impasse. In this frame of mind, on rare occasions, some resort to terrorism. The vast majority, however, do not commit acts of violence, but simply try to revive their faith in a more conventional, lawful way.