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Clear, insightful, and nondogmatic, this book gives us a new appreciation for one of our most ubiquitous institutions.
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, markets have suddenly become quite visible. We now have occasion to ask, "What makes these institutions work? How important are they? How can we improve them?"
Taking us on a lively tour of a world we once took for granted, John McMillan offers examples ranging from a camel trading fair in India to the $20 million per day Aalsmeer flower market in the Netherlands to the global trade in AIDS drugs. Eschewing ideology, he shows us that markets are neither magical nor immoral. Rather, they are powerful if imperfect tools, the best we've found for improving our living standards. A New York Times Notable Book.
|1.||The Only Natural Economy||3|
|2.||Triumphs of Intelligence||15|
|3.||He Who Can't Pay Dies||27|
|4.||Information Wants to Be Free||41|
|5.||Honesty Is the Best Policy||53|
|6.||To the Best Bidder||65|
|8.||When You Work for Yourself||89|
|9.||The Embarrassment of a Patent||103|
|10.||No Man Is an Island||119|
|11.||A Conspiracy against the Public||136|
|13.||Managers of Other People's Money||167|
|14.||A New Era of Competition||182|
|15.||Coming Up for Air||196|