This book explains how the 2008 financial meltdown came about and
how to revitalize global and domestic economies. It shows how
capitalist economies developed and why the state matters in their
functioning. 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. These notions now
seem tragically misguided in the wake of the 2008 market collapse
and bailout. Mark Martinez describes how the flawed myth of the
'invisible hand' distorted our understanding of how modern
capitalist markets developed and actually work. 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 capitalist markets or wealth creation without
state intervention. He brings his story up to the present day to
show how the seeds of 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.
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