So you say that markets dominate the world….
Those who rejoice and those who reject the supposed triumph of market forces in the global economy would be wise to remember that, “Three of the most important prices in the world economy are set by means other than markets.” To see which markets these are, read the Economist story from which this quotation is ...
Those who rejoice and those who reject the supposed triumph of market forces in the global economy would be wise to remember that, "Three of the most important prices in the world economy are set by means other than markets." To see which markets these are, read the Economist story from which this quotation is taken. Of course, that statement is also an exaggeration -- obviously, market forces have a powerful effect on the prices of oil, capital, and different currencies. It would be more accurate to say that these are three markets where governments exercise significant to monopoly control over the supply of the product in question.
Those who rejoice and those who reject the supposed triumph of market forces in the global economy would be wise to remember that, “Three of the most important prices in the world economy are set by means other than markets.” To see which markets these are, read the Economist story from which this quotation is taken. Of course, that statement is also an exaggeration — obviously, market forces have a powerful effect on the prices of oil, capital, and different currencies. It would be more accurate to say that these are three markets where governments exercise significant to monopoly control over the supply of the product in question.
Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and co-host of the Space the Nation podcast. Twitter: @dandrezner
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