The Market System by Charles E. Lindblom
What It Is, How It Works, and What To Make of It (The Institution for Social and Policy St)

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Synopsis

In the wake of the collapse of communism, we hear much about the victory of the 'market system'. Just what is the market system? This clear and accessible book begins by answering this question, then goes on to explain how the market system works and what it can and cannot do. Charles E. Lindblom, writing in nontechnical language for a wide general audience, offers an evenhanded view of the market system. His analysis of the great questions that surround the market system is sometimes unexpected, always illuminating: Is the market system efficient? Is it democratic? Does it despoil the environment? Does it perpetuate inequalities? Does it debase personality and culture? Big choices are yet to be made about the future of the market system, observes Lindblom. He outlines what these choices are and how they will affect not only our economic well-being but also our social and political lives. For market systems organise or coordinate more than just the flow of commodities, he shows. They influence human behaviour in all its dimensions.
 

About Charles E. Lindblom

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Charles E. Lindblom is Sterling Professor Emeritus of Economics and Political Science at Yale University.
 
Published March 11, 2001 by Yale University Press. 296 pages
Genres: Business & Economics, Political & Social Sciences. Non-fiction

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“Although the market system is roughly familiar to all of us,” writes Lindblom (Economics/Yale Univ.), “not even economists wholly understand it.” That is understandable, given all the things that the market system is, at least in the author’s account: an “extraordinary social process,” a motivat...

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Publishers Weekly

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Ever since the worldwide collapse of Soviet-style communism, the triumph of the "market system" has been spoken of as a fait accompli, while the market has been touted as a panacea for every social ill from failing schools to Third World poverty.

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Mises Institute

Again Lindblom falls into the fallacy of thinking that a market society contains nothing but market transactions.1 One must give Lindblom credit.

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