Final answer:
The free market ideology associated with capitalism, as envisioned by economists like Adam Smith, suggests that markets should operate without intervention to benefit all. However, critics such as Karl Marx view this system as inequality exacerbating, leading to exploitation of labor and the natural environment. These ideological perspectives underscore the debates on the management and impact of economic systems.
Step-by-step explanation:
The ideology of the free market that has facilitated hierarchies and commoditized humans and nature is largely identified with capitalism. Free market capitalism, as envisaged by Adam Smith in his work The Wealth of Nations, asserts that unregulated exchanges of goods and services ultimately benefit everyone through what is known as the "invisible hand" of the market. Smith believed that such systems naturally lead to efficient distribution and pricing of goods, benefitting consumers through lower prices and providers through the reinvestment of profits. However, critics like Karl Marx have contended that this system inevitably leads to the impoverishment of the masses and devaluation of labor due to the relentless pursuit of lower production costs and competition.
The concern of reducing nature to commodities can also be traced to a free-market perspective, where environmental regulation is often viewed as a hindrance to economic growth. Furthermore, ecological criticisms point out shortcomings in various schools of thought, including religion and science, for promoting ideologies that may dismiss the importance of environmental preservation or facilitate ecological exploitation for industrial and economic development.
While proponents like Hayek argue that free market principles lead to the most effective allocation of resources and that government regulation can distort markets, the discussions on the distribution of wealth highlight the differing ideologies on how societies should manage economies, reflecting the tension between the capitalist and socialist perspectives on economic systems and their impact on society and the environment.