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Why does a country such as Switzerland with a population of 5 million have the same total productivity as India with a population of 600 million? In this book, economist John Kay sets out to explain this to the reader with no training in economics. His central theme is that economic systems are inextricably linked to their social and political environment, and that economic outcomes are largely the result of political structures. John Kay defines economic institutions functioning within a social, political and cultural context as embedded markets, and introduces the concept of the American Business Model as the most successful example of an embedded market. The Truth About Markets hits the mark by making a serious subject accessible without needless simplification. But just as economic systems are linked to political systems the message of the book is linked to the author's clear admi
Why does a country such as Switzerland with a population of 5 million have the same total productivity as India with a population of 600 million? In this book, economist John Kay sets out to explain this to the reader with no training in economics. His central theme is that economic systems are inextricably linked to their social and political environment, and that economic outcomes are largely the result of political structures. John Kay defines economic institutions functioning within a social, political and cultural context as embedded markets, and introduces the concept of the American Business Model as the most successful example of an embedded market. The Truth About Markets hits the mark by making a serious subject accessible without needless simplification. But just as economic systems are linked to political systems the message of the book is linked to the author's clear admi