Many economists celebrate markets as institutions promoting
efficiency and supporting freedom and liberty; others condemn them
for generating economic inequality and social disharmony. Market
Sense offers a critical evaluation of both perspectives and
outlines a new economics of markets and society. This key book
concentrates upon the historic associations of the marketplace in
the work of Aristotle, Adam Smith, and Karl Marx, and demonstrates
that what markets were imagined to entail for society was critical
to each author's understanding of the central social problems of
their time. Smith's work receives particular attention because his
market sense underlies so much of the official defense of
contemporary globalization. Marx's mature work on the other hand
both provides a way to break the mechanical linking of markets to
particular social outcomes and encourages us to displace the market
from the center of economic analysis it has occupied both in the
history of political economy and in recent controversies over
globalization.
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