The old discussion of 'Market or State' is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should look like. How far do we have to let the market go its own way in order to create as much welfare as possible for everyone? What is the responsibility of the government in creating welfare? These are difficult questions. But they are also interesting questions and Paul De Grauwe analyses them in this book. The desired mix of market and state is anything but easy to bring about. It is a difficult and sometimes destructive process that is constantly in motion. There are periods in history in which the market gains in importance. During other periods the opposite occurs and government is more dominant. The turning points in this pendulum swing typically seem to coincide with disruptive events that test the limits of market and state. Why we experience this dynamic is an important theme in the book. Will the market, which today is afforded a greater and greater role due to globalization, run up against its limits? Or do the financial crisis and growing income inequality show that we have already reached those limits? Do we have to brace ourselves for a rejection of the capitalist system? Are we returning to an economy in which the government is running the show?

In What Money Can't Buy, renowned political philosopher Michael J. Sandel rethinks the role that markets and money should play in our society. Should we pay children to read books or to get good grades? Should we put a price on human life to decide how much pollution to allow? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars, outsourcing inmates to for-profit prisons, auctioning admission to elite universities, or selling citizenship to immigrants willing to pay? In his New York Times bestseller What Money Can't Buy, Michael J. Sandel takes up one of the biggest ethical questions of our time: Isn't there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? Over recent decades, market values have crowded out nonmarket norms in almost every aspect of life. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. In Justice, an international bestseller, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes a debate that's been missing in our market-driven age: What is the proper role of markets in a democratic society, and how can we protect the moral and civic goods that markets do not honor and money cannot buy?

"The noted philosopher Debra Satz takes a skeptical view of markets, pointing out that free markets are not always a force for good. The idea of free exchange of child labor, human organs, reproductive services, weapons, life saving medicines, and addcitive drugs, strike many as toxic to human values. She asks: What considerations ought to guide the debates about such markets?"--Provided by publisher.

Karl Polanyi’s The Great Transformation is generally acclaimed as being among the most influential works of economic history in the twentieth century, and remains as vital in the current historical conjuncture as it was in his own. In its critique of nineteenth-century ‘market fundamentalism’ it reads as a warning to our own neoliberal age, and is widely touted as a prophetic guidebook for those who aspire to understand the causes and dynamics of global economic turbulence at the end of the 2000s. Karl Polanyi: The Limits of the Market is the first comprehensive introduction to Polanyi’s ideas and legacy. It assesses not only the texts for which he is famous – prepared during his spells in American academia – but also his journalistic articles written in his first exile in Vienna, and lectures and pamphlets from his second exile, in Britain. It provides a detailed critical analysis of The Great Transformation, but also surveys Polanyi’s seminal writings in economic anthropology, the economic history of ancient and archaic societies, and political and economic theory. Its primary source base includes interviews with Polanyi’s daughter, Kari Polanyi-Levitt, as well as the entire compass of his own published and unpublished writings in English and German. This engaging and accessible introduction to Polanyi’s thinking will appeal to students and scholars across the social sciences, providing a refreshing perspective on the roots of our current economic crisis.

The last quarter century has seen a broad, but qualified, belief in the efficacy of market organization slide into an unyielding dogma that the market, as unconstrained as possible, is the best way to govern virtually all economic activity. However, unrestricted markets can often lead to gross inequalities in access to important resources, the creation of monopolies, and other negative effects that require regulation or public subsidies to remedy. In The Limits of Market Organization, editor Richard Nelson and a group of economic experts take a more sophisticated look at the public/private debate, noting where markets are useful, where they can be effective only if augmented by non-market mechanisms, and where they are simply inappropriate. The Limits of Market Organization examines the appropriateness of markets in four areas where support for privatization varies widely: human services, public utilities, science and technology, and activities where market involvement is altogether inappropriate. Richard Murnane makes the case that a social interest in providing equal access to high quality education means that for school voucher plans to be effective, substantial government oversight is necessary. Federal involvement in a transcontinental railroad system was initially applauded, but recent financial troubles at Amtrak have prompted many to call for privatization of the rails. Yet contributor Elliot Sclar argues that public subsidies are the only way to maintain this vital part of the American transportation infrastructure. While market principles can promote competition and foster innovation, applying them in certain areas can actually stifle progress. Nelson argues that aggressive patenting has hindered scientific research by restricting access to tools and processes that could be used to generate new findings. He suggests that some kind of exception to patent law should be made for scientists who seek to build off of patented findings and then put their research results into the public domain. In other spheres, market organization is altogether unsuitable. Legal expert Richard Briffault looks at one such example—the democratic political process—and profiles the successes and failures of campaign finance reform in preventing parties from buying political influence. This important volume shows that market organization has its virtues, but also its drawbacks. Just as regulation can be over-applied, so too can market principles. The Limits of Market Organization encourages readers to think more discriminately about the march toward privatization, and to remember the importance of public institutions.

Friedrich Hayek was the 20th century’s most significant free market theorist. Over the course of his long career he developed an analysis of the danger that state power can pose to individual liberty. In rejecting much of the liberal tradition’s concern for social justice and democratic participation, Hayek would help clear away many intellectual obstacles to the emergence of neoliberalism in the last quarter of the 20th century. At the core of this book is a new interpretation of Hayek, one that regards him as an exponent of a neo-Roman conception of liberty and interprets his work as a form of ‘market republicanism’. It examines the contemporary context in which Hayek wrote, and places his writing in the long republican intellectual tradition. Hayek’s Market Republicanism will be of interest to advanced students and researchers across the history of economic thought, the history of political thought, political economy and political philosophy.

May you sell your vote? May you sell your kidney? May gay men pay surrogates to bear them children? May spouses pay each other to watch the kids, do the dishes, or have sex? Should we allow the rich to genetically engineer gifted, beautiful children? Should we allow betting markets on terrorist attacks and natural disasters? Most people shudder at the thought. To put some goods and services for sale offends human dignity. If everything is commodified, then nothing is sacred. The market corrodes our character. Or so most people say. In Markets without Limits, Jason Brennan and Peter Jaworski give markets a fair hearing. The market does not introduce wrongness where there was not any previously. Thus, the authors claim, the question of what rightfully may be bought and sold has a simple answer: if you may do it for free, you may do it for money. Contrary to the conservative consensus, they claim there are no inherent limits to what can be bought and sold, but only restrictions on how we buy and sell.

In Markets with Limits James Stacey Taylor argues that current debates over the moral limits of markets have derailed. He argues that they focus on a market-critical position that almost nobody holds: That certain goods and services can be freely given away but should never be bought or sold. And he argues that they focus on a type of argument for this position that there is reason to believe that nobody holds: That trade in certain goods or services is wrongful solely because of what it would communicate. Taylor puts the debates over the moral limits of markets back on track. He develops a taxonomy of the positions that are actually held by critics of markets, and clarifies the role played in current moral and political philosophy by arguments that justify (or condemn) certain actions owing in part to what they communicate. Taylor argues that the debates have derailed because they were conducted in accord with market, rather than academic, norms—and that this demonstrates that market thinking should not govern academic research. Markets with Limits concludes with suggestions as to how to encourage academics to conduct research in accord with academic norms and hence improve its quality. Key features Provides original suggestions concerning how to improve the exegetical quality of academic research Systematically identifies the primary exegetical errors—and the ways in which these errors have adversely influenced current debates—that Jason Brennan and Peter Jaworski made in their influential book, Markets Without Limits Argues that despite the current, widespread view that semiotic objections to markets are widespread in the literature, they are in actuality rare to nonexistent Offers an up-to-date taxonomy of the current arguments in the various debates over both the ontological and the moral limits of markets Provides an extensive overview of mistaken claims that have been made and propagated in various academic literatures

Brilliant...explains how the rhetoric of competition has invaded almost every domain of our existence." —Evgeny Morozov, author of To Save Everything, Click Here" "In this fascinating book Davies inverts the conventional neoliberal practice of treating politics as if it were mere epiphenomenon of market theory, demonstrating that their version of economics is far better understood as the pursuit of politics by other means." —Professor Philip Mirowski, University of Notre Dame "A sparkling, original, and provocative analysis of neoliberalism. It offers a distinctive account of the diverse, sometimes contradictory, conventions and justifications that lend authority to the extension of the spirit of competitiveness to all spheres of social life...This book breaks new ground, offers new modes of critique, and points to post-neoliberal futures." —Professor Bob Jessop, University of Lancaster Since its intellectual inception in the 1930s and its political emergence in the 1970s, neo-liberalism has sought to disenchant politics by replacing it with economics. This agenda-setting text examines the efforts and failures of economic experts to make government and public life amenable to measurement, and to re-model society and state in terms of competition. In particular, it explores the practical use of economic techniques and conventions by policy-makers, politicians, regulators and judges and how these practices are being adapted to the perceived failings of the neoliberal model. By picking apart the defining contradiction that arises from the conflation of economics and politics, this book asks: to what extent can economics provide government legitimacy? Now with a new preface from the author and a foreword by Aditya Chakrabortty.

McMillan takes readers on a lively tour, from the wild swings of the stock market to the online auctions of eBay to the unexpected twists of the world's post-communist economies.