Reinventing the Bazaar: A Natural History of Markets
Rating
The Pequod Review:
Markets are often viewed to be natural phenomena, but in fact they are difficult to establish, costly to maintain, and have varying levels of quality and efficiency. John McMillan’s wide-ranging but cursory history Reinventing the Bazaar explores the variety of market types across history and geography. He argues that five key features are important factors in successful markets: “information flows smoothly; property rights are protected; people can be trusted to live up to their promises; side effects on third parties are curtailed; and competition is fostered.”