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As socialist states struggle to transform themselves into market economies and the United States privatizes everything from schooling to policing, the current crises in Russia and East Asia suggest that something might be amiss. In the rush to open societies to the benefits of competition, economists have overlooked the fundamental instability of competitive markets. What had seemed to be an invincible capitalist juggernaut may be reaching its apotheosis. A close look at market economies is more timely and crucial than ever. Michael Perelman argues that capitalism's victory is temporary, based as it is on an unrealistic understanding of the system’s inherent risks. He analyzes the nature and causes of crisis within a market society, and along the way, he re-examines one of capitalism’s most primary and unquestioned tenets, that the more competition there is, the better off society will be.
| Price | Condition | Delivery | Seller | Action |
| $99.99 | Digital |
| WonderClub |
Kevin Burrows
reviewed The natural instability of markets on October 28, 2008
The natural instability of markets
Written by a Peruvian author, this book is wonderfully enlightening for anyone interested in issues of 3rd World economic development.
De Soto's central thesis is quite simple: you can't solve the problem of stagnant, poverty-stricken economies unless you figure out how to make credit available so that people can start and operate businesses. But you can't get credit if you have no assets to secure it with. And you have no significant assets you can call your own if you can't establish title to your land and house. And that's precisely the problem of much of the 3rd world -- where you have vast squatter communities on the periphery of virtually every major city. Those squatters may have been there for decades, but no matter. They still can't establish title to land or house. Not only that, they're vulneable to eviction, which leads to another chronic problem of countries where property rights are shaky: violence. It takes armed force to protect your property, so societies without the rule of law for property rights also lack the rule of law for personal safety.
It's a compelling argument. I recommend the book highly.
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