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MarketcraftHow Governments Make Markets Work$
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Steven K. Vogel

Print publication date: 2018

Print ISBN-13: 9780190699857

Published to Oxford Scholarship Online: February 2018

DOI: 10.1093/oso/9780190699857.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 08 December 2021

The Marketcraft Thesis

The Marketcraft Thesis

(p.1) 1 The Marketcraft Thesis

Steven K. Vogel

Oxford University Press

Markets need rules, not simply to protect people and the environment from collateral damage, but to function effectively in the first place. This chapter presents this argument in ten propositions. (1) There is no such thing as a free market. (2) Markets have to be created. (3) Market reform is primarily a constructive enterprise. (4) There is no single market solution to a policy challenge. (5) There may not even be a more market-oriented alternative among policy options. (6) The government-versus-market dichotomy is fundamentally misleading. (7) The regulation-versus-competition dichotomy is fundamentally misleading. (8) A liberal economy like the United States is just as governed as a coordinated economy like Japan. (9) A coordinated economy like Japan requires more governance, not less, to liberalize its economy. (10) The information economy requires more market governance, not less.

Keywords:   regulation, market governance, market reform, liberalization, market, free market

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