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The Truth About Markets by John Kay

The Truth About Markets (2003)

by John Kay

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231279,663 (3.7)None
"After a decade of successive market revolutions around the world, beginning with the collapse of the Berlin Wall and continuing in countries as diverse as Argentina and New Zealand, the effectiveness of the market economy as a route to prosperity and growth is not in question, but a more sophisticated appreciation of the strengths and limits of markets is urgently required." "In this analysis of the nature and evolution of the market economy, John Kay attacks the oversimplified account of its operation, contained in the American business model and favored by politicians and business people. He even questions whether it offers an accurate description of the success of the American economy itself." "Culture and Prosperity examines every assumption we have about economic life. Taking the reader from the shores of Lake Zurich to the streets of Mumbai, from the flower market of San Remo to the sales rooms at Christie's, John Kay reveals the connection between a nation's social, political, and cultural context and its economic performance."--BOOK JACKET.… (more)



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Kay argues that the relative wealth or poverty of nations is dependent on the presence of an evolved social and cultural capital or networks, and that absent this economic policy prescriptions, such as the Washington Consensus, will fail. There is much truth in this although, despite his protestations, Kay is attacking a straw man to a large extent; a week of reading the Wall Street Journal is no more evidence of the ubiquity of belief in the American Business Model than reading the Mirror or Guardian proves that the onward march of socialism continues apace. This is a long, rambling, unfocused, but almost always interesting book which is well worth reading. ( )
  JohnPhelan | Oct 4, 2016 |
A much better economics book than most, sympathetic to the concerns of the left even while believing that most of their remedies are a bad idea, and with little patience for the self-satisfaction of the right.

Even so, there wasn't much here I haven't read before. I probably shouldn't waste my time reading much more economics, at least not pop economics. ( )
  name99 | Nov 12, 2006 |
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If you have ever spent a night in one of the international hotels that cater to the travelling businessman or businesswoman, you will have zapped the channels on the hotel television network and reached Bloomberg television, or its almost indistinguishable competitor CNBC. There is something rivetingly bad about Bloomberg television. It is like a movie so bad you cannot bring yourself to stop watching.
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