The story of market evolution

Author: John McMillan (USA)
Publisher:
Publish Date: 2006-01-01
Features: This is a book about the market economy. When discussing the "free-market economy," people often have opposing views. Critics condemn it as the source of exploitation and poverty, while admirers praise it as the fountainhead of freedom and prosperity. Professor McMillan, the author of this book, vividly illustrates through stories of market evolution why a well-designed competitive market can allocate resources to the optimal place and why markets can be divided into public services. In my view, this book provides the institutional principles that experts have long discussed and designed, along with the theoretical details behind them. This is of great significance for us to gain a deeper understanding of the relationship between government and the market, as well as the proper positioning of the government's role. It allows for the design of market systems that benefit the sustainable development of China's mass welfare. — Wu Jinglian, a renowned economist
For those who wish to understand the modern concept of the market economy, John McMillan's work is undoubtedly an excellent introductory guide. — Joseph Stiglitz, 2001 Nobel Prize in Economics laureate
This book offers a comprehensive and profound summary. Through engaging case studies and incisive analysis, it shows us the usefulness and misuse, strengths and weaknesses of the market. The author's expertise in modern economic theory and his familiarity with the practicalities of transition economies are truly commendable. — Kenneth Arrow, 1972 Nobel Prize in Economics laureate.
From eBay to the stock market, and from the transition from planned economies to market economies, John McMillan takes us on a journey through the market, revealing the scenery we may have overlooked. From the camel trade in India to the $20 million-plus-a-day flower market in the Netherlands, and to the global trade of anti-AIDS drugs, among others, McMillan uses these examples and various new or old perspectives raised in economic research to show us a wide range of markets—small and large, unusual and ordinary, simple and complex, successful and unsuccessful. This gives us the opportunity to see: "How do markets work? How important are they? What can they do? What can they not do? What can we do to enhance their role? How can we apply them to other fields?" He further brings these markets together to illustrate how they integrate to form a "human-ball economy."