The Surprising Design of Market Economies

July 9, 2012
Marshall, an urban planning and architecture journalist, draws on his interest in design to provide a lively examination of how and why markets work as they do. He invokes the image of Brooklyn’s Prospect Park, a man-made site that looks natural, to convey “the constructed nature of markets” and the legal, physical, cultural, and international facets involved in their creation. Historically, the transformation of economics from a political philosophy to an objective science was based on a faulty metaphor, one that has allowed “free market” myths to present what is as what must be. Marshall counters that “markets are our handiwork,” citing examples of successful agricultural and industrial co-operatives to demonstrate the need for “a renewed respect for the noncompetitive, more cooperative parts of our society.” Turning to the public interest in intellectual property and corporatism, he claims, as it is in our power to do so, “we would do well... to rewrite, to redesign, the essential corporate architecture that creates and governs our corporate citizens.” Marshall’s thoughtful critique accounts for social dynamics often ignored by modern economists and is grounded in a multitude of fascinating examples, underscoring his thesis that we can, and should, debate the powers allotted to our creations, rather than let them, falsely, set the terms of their own existence. Agent: Jennifer Carlson, Dunow, Carlson & Lerner.

September 1, 2012

Markets are created by people and can be changed by people. As journalist Marshall (Beneath the Metropolis: The Secret Lives of Cities) argues, markets neither spring suddenly into being nor should they be set free--rather, they are designed within physical, legal, and cultural structures. He challenges readers to reevaluate common misconceptions about market economies by examining the building blocks of society. With his careful analysis of the history of law, infrastructure, education, and culture, Marshall shows how these forces influence market formation and make economic life possible. The chapter on cooperatives versus corporations is especially interesting. With this book, Marshall hopes to shift popular thinking away from market regulation to market design, which he believes will help create a more prosperous society. VERDICT For readers willing to challenge the status quo, this book will wrap their minds around a new way of thinking about markets and economies.--Bonnie A. Tollefson, Cleveland Bradley Cty. P.L., TN

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