How do markets work?

This reader introduces the student to the workings of the market, explaining both the reasons for its success and its shortcomings. Throughout, the text encourages a critical approach demonstrating the diversity of market economies. In particular it explores:

• the social nature of market economies
• the range of approaches to the study of the market: Marxist, Austrian, Keynesian and institutional economics are discussed as alternatives to the neo-classical mainstream
• the differences between Anglo-American, European and Asian economic models
• the historical development of markets
• globalisation: its extent and its impact
• the costs and the benefits of markets

With chapters by Will Hutton, John Gray and Eric Hobsbawm, this reader provides an excellent introduction.