9781565492677

Myth of the Free Market: The Role of the State in a Capitalist Economy

by
  • ISBN13:

    9781565492677

  • ISBN10:

    1565492676

  • Edition: 1st
  • Format: Nonspecific Binding
  • Copyright: 2009-04-15
  • Publisher: Lynne Rienner
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Summary

Free market purists claim that the state is an inefficient institution that does little for society beyond providing stability and protection. The activities related to distributing resources and economic growth, they say, are better left to the "invisible hand" of the marketplace. Mark Martinez argues that the notion of an invisible hand is a common but flawed myth that distorts understanding of how modern capitalist markets developed and actually work. Martinez draws from history and contemporary events to illustrate that political processes and the state are not only instrumental in making capitalist markets work but that there would be no capitalist markets or wealth creation without state intervention. The Roots of Markets and Wealth is a fascinating and accessible introduction to comparative economic systems as well as an incisive refutation of the standard mantras of neoclassical free market economic theory.

Author Biography

Martinez draws from history to illustrate that political processes and the state are not only instrumental in making capitalist markets work, but that there would be no markets or wealth creation without state intervention. He brings his story up to the present day to show how the seeds of a recession and an unprecedented government intervention in the financial markets were sown in past actions. The Myth of the Free Market is a fascinating and accessible introduction to comparative economic systems as well as an incisive refutation of the standard mantras of neoclassical free market economic theory.

Table of Contents

Acknowledgmentsp. v
List of Illustrationsp. ix
Introduction: Understanding Markets and Statesp. xi
Things to (Re)consider
Milton Friedman Got It Wrong: Politics is at the Heart of Capitalismp. 3
Free Markets and Wealth (Re)Consideredp. 25
The Role of the State in Creating Market Capitalism
The Very Political Roots of Market Capitalism: Embracing Individual Achievement and Vanityp. 53
Manias and the Philosopher's Stone: The Road to Wealth and Regulated Moneyp. 77
Making Markets Work in Practice: The State in Action
War Made the State and the State Made Warp. 95
How Medieval Organized Violence Led to Mercantilism, Middle-Class Bargains, and Market Capitalismp. 115
Toward "Freer" International Tradep. 141
America's Post-World War II Grand Liberal Strategyp. 163
States and Modern Markets: From Political Money to Wall Street Socialism
From Keynes to Deregulation and Exploding Capital Flowsp. 181
An Empire of Debt: Violating Adam Smith's Laws of Nature?p. 205
The Deregulation Gamep. 241
From Deregulation to the Mother of All Bailoutsp. 267
Bibliographyp. 291
Indexp. 303
About the Authorp. 319
Table of Contents provided by Ingram. All Rights Reserved.

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