In the eighties, the idea of the market triumphed. From Reagan’s America and Thatcher’s Britain to the crumbling economies of the Soviet bloc, the “market” became a mantra for all occasions. Chanted long enough it would bring freedom, choice, prosperity, and a ready solution to all pressing issues.
“Real existing markets” resemble the markets of theory about as much as what some called “real existing socialism” in Eastern Europe resembled...
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