Marketcraft
How Governments Make Markets Work
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Narrated by:
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Ryan Burke
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By:
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Steven K. Vogel
About this listen
Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus "marketcraft" represents a core function of government comparable to statecraft and requires considerable artistry to govern markets effectively. Just as real-world statecraft can be masterful or muddled, so it is with marketcraft.
In Marketcraft, Steven Vogel builds his argument upon the recognition that all markets are crafted then systematically explores the implications for analysis and policy. In modern societies, there is no such thing as a free market. Markets are institutions, and contemporary markets are all heavily regulated. The "free market revolution" that began in the 1980s did not see a deregulation of markets, but rather a re-regulation.
Vogel looks at a wide range of policy issues to support this concept, focusing in particular on the US and Japan. He examines how the US, the "freest" market economy, is actually among the most heavily regulated advanced economies, while Japan's effort to liberalize its economy counterintuitively expanded the government's role in practice.
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A REAL SNOOZER
- By Frank on 12-02-10
By: Raghuram Rajan
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Globalization and Its Discontents
- By: Joseph E. Stiglitz
- Narrated by: Derek Perkins
- Length: 10 hrs and 33 mins
- Unabridged
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This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national best-seller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank.
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Plea
- By Asma on 10-13-20
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The Great Reversal
- How America Gave Up on Free Markets
- By: Thomas Philippon
- Narrated by: Walter Dixon
- Length: 10 hrs and 1 min
- Unabridged
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Why are cellphone plans so much more expensive in the United States than in Europe? It seems a simple question. But the search for an answer took Thomas Philippon on an unexpected journey through some of the most complex and hotly debated issues in modern economics. Ultimately, he reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition.
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Eye-opening, but better as a book - a must-READ
- By Ash on 11-29-19
By: Thomas Philippon
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The End of Normal
- The Great Crisis and the Future of Growth
- By: James K. Galbraith
- Narrated by: L. J. Ganser
- Length: 9 hrs and 27 mins
- Unabridged
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The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe - and a stale argument between two false solutions, “austerity” on one side and “stimulus” on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000 - interrupted only by the troubled 1970s - represented a normal performance.
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Battle for the Soul of Capitalism
- By: John C. Bogle
- Narrated by: Stefan Rudnicki
- Length: 9 hrs and 16 mins
- Abridged
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There is no one better qualified to tell us about the failures of the American financial system and the grotesque abuses that have taken place in recent years than John C. Bogle, founder and former chief executive of the Vanguard mutual-fund group. This legendary mutual-fund pioneer has witnessed firsthand the innermost workings of the financial industry for more than 50 years and has set the standards for sound investment strategies and stewardship.
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Do You Own a Mutual Fund?
- By M. Kettell on 02-02-08
By: John C. Bogle
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The Death of Money
- The Coming Collapse of the International Monetary System
- By: James Rickards
- Narrated by: Sean Pratt
- Length: 13 hrs and 13 mins
- Unabridged
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The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. Each collapse was followed by a period of tumult: War, civil unrest, or significant damage to the stability of the global economy. Now James Rickards, the acclaimed author of Currency Wars, shows why another collapse is rapidly approaching - and why this time, nothing less than the institution of money itself is at risk.
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A good review of the global financial system
- By Jean on 04-22-14
By: James Rickards
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13 Bankers
- The Wall Street Takeover and the Next Financial Meltdown
- By: Simon Johnson, James Kwak
- Narrated by: Erik Synnestvedt
- Length: 8 hrs and 59 mins
- Unabridged
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Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks, which together control assets amounting to more than 60 percent of the country's gross domestic product, these financial institutions (now more emphatically "too big to fail") continue to hold the global economy hostage.
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Easy to Understand and Comprehend
- By Kyle on 04-11-10
By: Simon Johnson, and others
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How the Other Half Banks
- Exclusion, Exploitation, and the Threat to Democracy
- By: Mehrsa Baradaran
- Narrated by: Priya Ayyar
- Length: 9 hrs and 36 mins
- Unabridged
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The United States has two separate banking systems today - one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities - all thanks to deregulation that began in the 1970s.
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The Borrowers at the Fringe
- By Darwin8u on 09-13-16
By: Mehrsa Baradaran
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The Third Revolution
- Xi Jinping and the New Chinese State
- By: Elizabeth C. Economy
- Narrated by: Jo Anna Perrin
- Length: 11 hrs and 3 mins
- Unabridged
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Eminent China scholar Elizabeth C. Economy provides an incisive look at the transformative changes underway in China today. Chinese leader Xi Jinping has unleashed a powerful set of political and economic reforms: the centralization of power under Xi himself; the expansion of the Communist Party's role in Chinese political, social, and economic life; and the construction of a virtual wall of regulations to control more closely the exchange of ideas and capital between China and the outside world.
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A decent synopsis of Xi Jinping and his polices
- By Yoda on 04-29-19
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Dead Aid
- Why Aid Is Not Working and How There Is a Better Way for Africa
- By: Dambisa Moyo, Niall Ferguson - foreword
- Narrated by: Mike Chamberlain
- Length: 6 hrs and 29 mins
- Unabridged
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A national best-seller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined - and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing the development of the world's poorest countries.
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Dangerous / Right Wing US view
- By David O'Donovan on 03-05-19
By: Dambisa Moyo, and others
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The Impulse Society
- America in the Age of Instant Gratification
- By: Paul Roberts
- Narrated by: Edoardo Ballerini
- Length: 9 hrs and 39 mins
- Unabridged
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Paul Robert digs down to the economic roots of the problem, shows how it has metastisized to affect every facet of our lives and our ability to navigate the future. In clear, cogent prose that mixes illuminating analysis and vibrant reporting, Roberts not only tells the fascinating story of how the impulse society came to be, but shows how, perhaps, a healthier society may still be possible.
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A Must-Listen for Millenials
- By Doug - Audible on 03-31-15
By: Paul Roberts
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- Philo
- 09-01-18
3 very worthy ideas, but endlessly rephrased
The three ideas are these:
1. Governance is not merely official government, but includes private actors and arrangements. This idea is not original, from my point of view; I've been teaching it for quite awhile myself, but, as the author notes, it gets insufficient attention. Elsewhere, one can see similar thinking, though in different terms, for example, in Lawrence Lessig's Code 2.0 (2006) where Lessig asked, within a slightly different context, what is the architecture of control? What (all) regulates a thing?
2. A binary split between free markets and regulated ones is reductive, simplistic, and misplaced. This simplistic, widespread view distorts discussion and the formation of good policy. Here I agree, up to a point. This logically stems from point 1 above. The simple imposition or withdrawal of more government rules does not equate to a more efficient or effective market. It is always more complicated.
3. Markets, in their modern complexity, don't just happen by themselves. Government has a key role, one that can easily go awry. But merely dismissing government as a source of friction and costs upon markets is a mistake.
Okay fine, but these things can be said (as I just did) in under one page. Now what? Do these few ideas (albeit important) equate to a book? My answer is, no, at least as done here. The better part of the remainder of the book was a series of case studies of getting the above matters wrong, particularly a fairly sketchy one of deregulation, so-called, of California's electricity markets circa 2000, and of Japan's attempt to consciously depart from its old internally-cooperative Keiretsu system to a more competitive and tech-savvy US-styled one. The latter was quite well explained. OK, so we have half a book here which is very good.
The worst of the remaining book, it sure felt like the remaining half, is endless reiteration of the foregoing in slightly different phrasings. And the prescriptive part, what should be done, as it closes, was disappointing to me. It amounted to a soggy recapitulation of progressive nostrums. There are two constant straw-men in this book: the naif who constantly shoves the world into free markets or regulated ones (the author constantly sets up and knocks down); and the entirely theoretical, so-called progressive planner who can, by some undefined means, get markets "right" (author's word, not mine). Ignored, or perhaps not grasped by this author, is the mess of plans plus just trying things and sometimes they break, i.e., what we already often have, i.e., markets doing what they do well: literally discovering success and failure, often not subject to advance calculation entirely. But our hero here, the progressive market designer, moves in some glowing undefined space of wisdom, that is, except there should be some fuzzy, pie-in-the-sky, more stakeholder-centric model, the same tired undefinable nag Elizabeth Warren is now flogging politically. I.e., we have circled back to the same governance debates we already had, with slight window-dressing tacked on. But the endless restatements of the same ideas here become truly tedious and dreary. My time is precious, professor! Don't waste my time.
My intuition (before googling the guy) was, this must a professor in a tenure system, publish-or-perish, with some incentives for padding out what should be a pamphlet into a full-sized book. Reading this for some starry-eyed undergrads might genuinely be an epiphany-inducing experience. Not for me. These ideas are still valuable for many to chew on, and that includes legislators. Had this concept (and the examples, especially the prescriptive stuff) been fleshed more, I would like it better. But I detect a certain laziness past the first burst of, really, just a few ideas. Important ones, needed ones for contemporary debate, but not earth-shaking to me.
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