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Hamish McRae, the Independent
Richard Lambert, The Times
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Customer Reviews
Kay argues, that contrary to common belief, what we refer to as the American Business Model, characterized by unrestrained individualism and minimal government intervention, is not the characteristic framework of successful economies. Indeed the “genius of the market economies to achieve co-ordination without a co-coordinator” works effectively only by being “embedded” in a social, political and cultural context. It is the quality these latter factors which differentiates between poor and rich states. It follows that the principal role of the state should be to allow these conditions to prosper.
Apart from being an authoritative book making a convincing argument this is also an exceptionally well-written and entertaining book, which will appeal to wide range readers. Through a series of “little stories”, he accompanies the reader from the failures of the UK electricity industry to the flower market of San Remo, in order to make each point. This approach brings to life his arguments making it interesting and accessible, even to readers who might lack a background in economics.
Overall, I think this is a very informative and highly rewarding book and would definitely recommend it to people interested in gaining a deeper understanding into the way the markets operate.
A very engrossing, thorough read for any student of economic paradigms. Kay's account of the unique evolution of markets in far-off places is most refreshing. For instance, he tours the flower market in San Remo for a locally grown version of perfect competition. He uses an auction of a painting by Van Gogh to illustrate how liberal economies allocate value to scarce goods. His analysis of electricity deregulation in Britain and the botched privatisations in Russia in the 1990s lead him to the same conclusion: that markets cannot be imposed, but are instead the sum of evolution and adaptation. They thrive within a society's laws and cultural norms; without them they fail.
But this review would be colourless without some grouses so lets point out what would have made this book even more satisfying. Kay lays bare evidence against mankind's extreme selfishness citing examples of tipping, child-rearing or charity. Yet, he skimps on any thoughts about whether more competition should be encouraged in the distribution of health care, for instance, or water supplies, or whether raising or lowering taxes improves economic growth. And what does he have to say when market competition collides with social solidarity? That "these are not always easy to reconcile". You bet.
As a very comprehensive and literate account of contemporary debates over economic models (primarily the vagaries of capitalism), this is a highly engaging read. But readers who are seeking answers to the more difficult and broader questions about the proper role of the state in economic affairs may be a little disappointed.
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