Reinventing the Bazaar: A Natural History of Markets

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.”