After two government bailouts of the American economy in less than
twenty years, free market thought is due for serious reappraisal.
Free Market: The History of an Idea shows how the idea became so
powerful, why it succeeded, and why it has failed so spectacularly.
In 1990, the G7 Countries enjoyed 70 percent of world GDP. In the
face of the collapse of the Soviet Union, it was supposed to be a
story of the success of free markets. However, in the past thirty
years, that number has dropped by half, and Asia has emerged as a
major motor of world economic growth. Today, state-run China is the
second biggest economy on earth, and tiny Singapore, with its
state-owned companies, has become a new model of wealth creation.
In other words, Milton Friedman's free market dogma, that only
private companies can create wealth and that states hamper it, has
not proved very clearly to be untrue. This book shows how we got to
the current crisis of free market thought, and suggests how we can
find our way out. Contrary to popular free market narratives, early
market theorists believed that states had an important role in
building and maintaining free markets. But in the eighteenth
century, some free-market thinkers began insisting only pure free
markets, without state intervention, could work. A tradition of
free-market ideological brittleness emerged, and it has led
orthodox free market economics to some spectacular failures. It is
a paradox that an economic theory rooted in the idea of
competition, adaptation and evolution, has refused to follow its
own precepts. This book shows that we need to go back to the
origins of free market thought in order to understand its dynamism,
as well as its inherent weaknesses, and to develop new economic
concepts to face the staggering challenges of the twenty-first
century.
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