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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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Marketcraft American Style

Marketcraft American Style

Why the World’s “Freest” Market Economy Is the Most Governed

(p.43) 3 Marketcraft American Style

Steven K. Vogel

Oxford University Press

The United States not only regulates markets, like other countries, but the very market-like features of its liberal market model are themselves products of laws, practices, and norms. In fact, the United States, the “freest” of market economies, is arguably the most governed. This chapter first establishes that the US economy relies on a massive infrastructure of market governance by surveying the core features of the postwar model. It then illustrates how market reform (“deregulation”) is less a process of removing constraints than one of enhancing market governance by reviewing reforms since 1980 in specific substantive realms. And finally, it concludes with two case studies of American-style market governance with global impact, the information revolution and the financial crisis, one that spurred innovation and growth and another that destroyed value and undermined growth.

Keywords:   United States, financial regulation, deregulation, market governance, information revolution, liberal market, financial crisis

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