Watson Institute for International and Public Affairs

Steven K. Vogel ─ Marketcraft: How Governments Make Markets Work

Wednesday, April 25, 2018

3:30 p.m. – 5 p.m.

McKinney Conference Room

Reception to follow.

Marketcraft: How Governments Make Markets Work (Oxford, 2018) argues that markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all by governments. Thus “marketcraft” represents a core function of government comparable to statecraft and requires considerable artistry. Just as real-world statecraft can be masterful or muddled, so it is with marketcraft.

In this volume, Steven Vogel builds his argument upon the recognition that all markets are crafted, then systematically explores the implications for analysis and policy. In modern societies, there is no such thing as a ​"​free​"​ market. Markets are institutions, and contemporary markets are all heavily regulated. Vogel looks at a wide range of policy issues to support this argument, focusing in particular on the United States and Japan. He also explore the implications of marketcraft for research in comparative political economy, development studies, and political science more generally.

Discussant: Edward Steinfeld, Director, Watson Institute​

Meet the Author
Political Economy and Labor Seminar

Steven K. Vogel is the Il Han New Professor of Asian Studies and Professor of Political Science at the University of California, Berkeley. Among his previous books are Freer Markets, More Rules: Regulatory Reform in Advanced Industrial Countries (Cornell, 1996), Japan Remodeled: How Government and Industry Are Reforming Japanese Capitalism (Cornell, 2006), and as co-editor with Naaznee​n​ Barma, The Political Economy Reader: Markets as Institutions (Routledge, 2008).