Oxford University Press's
Academic Insights for the Thinking World

  • Author: Steven K. Vogel

Markets aren’t natural: governments have to make them work

hether we recognize it or not, “marketcraft” constitutes a core government function comparable to statecraft. By marketcraft, I refer to all the things governments do to make markets function and flourish, like corporate law, antitrust policy, intellectual property rights, and financial regulation. Marketcraft has profound implications for economic performance, social welfare, and national power – so we should want to get it right.

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