The ideology, or perhaps the theology of neo-liberalism is partly based on the idea that 'markets', that is to say, the scope of human activity where trade of valuable goods and services occurs, reveals a fundamental truth or reality beyond that scope of immediate trade. One could say modern Capitalism, or Neo-Liberalism is essentially a form of 'Marketism', where market forces rule all, judge all and value all. The exact name employed to describe this isn't as important as the realisation that underlying what we call Capitalism today, or Neo-Liberalism, or Growth or even The Economy and Society, is a fairly rigid belief system that market forces are behind much of how the world works, and that market freedom is among the most important freedoms for human liberation. It is an idea which some may argue over its correct taxonomy, but it is clear that it is a distinct thing. Many of its opponents, often people whom Neo-Liberalism has failed, critique the damage wrought upon the environment, the dog-eat-dog mentality which emerges, the financial crises the erupt like clockwork, but often fail to think outside the frame of reference of 'Marketism'.
I will look at three ways in which Market economics on its own can fail to solve major problems or provide a reasonable, dignified quality of life.