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Bill: Free Market Act of 5068
Details
Submitted by[?]: Sentinel Party of Mordusia
Status[?]: passed
Votes: This is an ordinary bill. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: December 5069
Description[?]:
| Seeking to ensure a truly free market within our Commonwealth, without unnecessary government intrusion, the following are proposed: Section A: The Mordusian Central Bank shall be abolished, and all banks shall be privately owned and operated. Section B: Phone and energy services shall be privatized and unsubsidized, and their rates shall be unregulated. However, monopolies in the markets of these and similar utilities will not be tolerated (see Section C). Section C: Monopolies shall be forbidden only in certain sectors where lack of competition is deemed to deprive citizens of necessary freedom of choice. These sectors are to include residential/commercial utilities (e.g., energy, water, natural gas, internet, phone, waste collection services) along with any others stated in forthcoming legislation. Section D: Cryptocurrency is to be legal and regulated by the Ministry of Finance. Section E: There is no longer to be a national minimum wage requirement. Section F: The right to strike is to be held inviolable, except in the cases of essential workers (to be defined jointly by the Ministry of Finance and the Ministry of Trade and Industry), who shall be allowed to strike but also be required to adhere to minimum service requirements. |
Proposals
Article 1
Proposal[?] to change The banking system.
Old value:: The government operates a central bank and all other banks are private.
Current: The government operates a central bank and all other banks are private.
Proposed: All banks are privately owned.
Article 2
Proposal[?] to change Government policy on cryptocurrency.
Old value:: The government has no policy on cryptocurrency
Current: The government has no policy on cryptocurrency
Proposed: Cryptocurrency is legal and regulated, select private institutions can issue cryptocurrency.
Article 3
Proposal[?] to change Energy regulation.
Old value:: Energy is provided by private companies but the prices they can charge are regulated.
Current: Energy is provided by private, unregulated companies but subsidies are given to those on a low income.
Proposed: Energy is provided by private companies which are not subject to any special regulations.
Article 4
Proposal[?] to change The nation's policy on minimum wage regulation.
Old value:: There shall be a minimum wage at a level considered a "living wage," well above the poverty line for a full time worker.
Current: There shall be a minimum wage at a level that a single full time worker on it can adequately subsist.
Proposed: There is no provision for a minimum wage.
Article 5
Proposal[?] to change Policy on monopolies (this general law is superceded by other laws relating to specific parts of the economy).
Old value:: There is no policy on monopolies, they are unregulated.
Current: Monopolies are forbidden, and are actively broken up.
Proposed: Monopolies are only forbidden in specific sectors of the economy.
Article 6
Proposal[?] to change The government's policy concerning phone services.
Old value:: The state subsidizes the phone service of low income families, and regulates the rates providers can charge for phone service.
Current: There are no regulations on phone service.
Proposed: There are no regulations on phone service.
Article 7
Proposal[?] to change The workers' right to strike.
Old value:: All workers have the right to strike.
Current: All workers have the right to strike but certain categories of workers regarded as critical to society have to ensure a minimal service.
Proposed: All workers have the right to strike but certain categories of workers regarded as critical to society have to ensure a minimal service.
Debate
These messages have been posted to debate on this bill:
| Date | 07:10:13, February 03, 2022 CET | From | Sentinel Party of Mordusia | To | Debating the Free Market Act of 5068 |
| Message | Mr. President, We would like to draw other parties' attention to Section C in the bill description regarding concerns over monopolies. We believe the provisions of Articles 3 and 6 to deregulate the phone service and energy industries is reasonable when joined with a guarantee that these areas will be protected from monopolies and price gouging. We welcome input as to other sectors (aside from those listed) that should be added to the legislation as areas where monopolies are forbidden. Further, regarding Article 4: the SPM takes seriously the need to ensure reasonable wages for the Commonwealth's workers. However, we believe the best course to achieve this is to not stipulate a minimum wage but rather let the give-and-take between employers and employees within the marketplace work out a de facto "minimum wage" naturally (i.e., the wage for which people will reasonably work at unskilled jobs). We find that stipulating a minimum wage simply invites inflation and encourages the cost of living to increase rapidly to attain an equilibrium. |
| Date | 01:58:38, February 04, 2022 CET | From | Liberal Capitalist Party | To | Debating the Free Market Act of 5068 |
| Message | Mr. President, The LCP considers this bill to contain reasonable measures, but in light of Article 4, we cannot support it. We recognize the argument raised by the SPM regarding this article, but we argue that minimum wage proposals in the past have actually reduced inflation rates to more reasonable levels, and we point to the fact that most of the most economically powerful nations in Terra enforce minimum wage provisions as evidence that they work well enough. We regret having to vote against Articles 1 and 2 as well, but cannot support this bill. |
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Voting
| Vote | Seats | |
| yes | Total Seats: 113 | |
| no | Total Seats: 72 | |
| abstain | Total Seats: 15 |
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