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