Description
Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus "marketcraft" represents a core function of government comparable to statecraft and requires considerable artistry to govern markets effectively. Just as real-world statecraft can be masterful or muddled, so it is with marketcraft. In Marketcraft, Steven Vogel builds his argument upon the recognition that all markets are crafted then systematically explores the implications for analysis and policy. In modern societies, there is no such thing as a free market. Markets are institutions, and contemporary markets are all heavily regulated. The "free market revolution" that began in the 1980s did not see a deregulation of markets, but rather a re-regulation. Vogel looks at a wide range of policy issues to support this concept, focusing in particular on the US and Japan. He examines how the US, the "freest" market economy, is actually among the most heavily regulated advanced economies, while Japan's effort to liberalize its economy counterintuitively expanded the government's role in practice. Marketcraft demonstrates that market institutions need government to function, and in increasingly complex economies, governance itself must feature equally complex policy tools if it is to meet the task. In our era-and despite what anti-government ideologues contend-governmental officials, regardless of party affiliation, should be trained in marketcraft just as much as in statecraft.
About the Author
Steven K. Vogel is the Il Han New Professor of Asian Studies and a Professor of Political Science at the University of California, Berkeley. He specializes in the political economy of the advanced industrialized nations, especially Japan. He is the author of Japan Remodeled: How Government and Industry Are Reforming Japanese Capitalism (2006) and Freer Markets, More Rules: Regulatory Reform in Advanced Industrial Countries (1996). He has worked as a reporter for the Japan Times and as a freelance journalist in France. He has taught previously at the University of California, Irvine and Harvard University. He has a B.A. from Princeton University and a Ph.D. in Political Science from the University of California, Berkeley.
Reviews
The book is a welcome addition to the literature arguing for a conceptual renovation of the analysis of market governance in two major ways: First and unlike other studies focusing on single countries (Eisner, 2014; Singer, 2015), Vogel develops a narrative based on two carefully selected case studies that allow him to demonstrate the validity of his argument more broadly. Second, he also provides concrete advice for scholars and policy makers on how to incorporate this perspective into their research and practice. * Jonathan Krautter, Contemporary Japan *
In an age of market fundamentalism, Steven Vogel provides a timely and powerful reminder that real markets require rules and 'free markets' require the most. Tired rhetoric about government vs. the market doesnt just make little sense; it makes for terrible policy. * Jacob S. Hacker, Director, Institution for Social and Policy Studies, Yale University, and co-author of American Amnesia: How the War on Government Led Us to Forget What Made America Prosper *
Steven Vogel's Marketcraft provides the language and the concepts we need to break out of the tiresome and unproductive debate over reliance on markets or government to manage the economy. He demonstrates definitively that states structure markets. He shows that our focus should be on how states do marketcraft and who benefits from particular policy choices. * Fred Block, Research Professor, University of California, Davis, and co-author of The Power of Market Fundamentalism *
This is a profound and important book. The wonders of efficiency that we call markets are not self created but constructed, and they need governments to thrive. At a time when globalization and information technology create novel market platforms that carry new promises, new dangers, and new fears, Steve Vogel's thoughtful pro-market argument has never been more relevant. * Nicolas Veron, Senior Fellow at both Bruegel and the Peterson Institute for International Economics *
Book Information
ISBN 9780190699857
Author Steven K. Vogel
Format Hardback
Page Count 200
Imprint Oxford University Press Inc
Publisher Oxford University Press Inc
Weight(grams) 431g
Dimensions(mm) 163mm * 239mm * 23mm
About the Author
Steven K. Vogel is the Il Han New Professor of Asian Studies and a Professor of Political Science at the University of California, Berkeley. He specializes in the political economy of the advanced industrialized nations, especially Japan. He is the author of Japan Remodeled: How Government and Industry Are Reforming Japanese Capitalism (2006) and Freer Markets, More Rules: Regulatory Reform in Advanced Industrial Countries (1996). He has worked as a reporter for the Japan Times and as a freelance journalist in France. He has taught previously at the University of California, Irvine and Harvard University. He has a B.A. from Princeton University and a Ph.D. in Political Science from the University of California, Berkeley.
Reviews
The book is a welcome addition to the literature arguing for a conceptual renovation of the analysis of market governance in two major ways: First and unlike other studies focusing on single countries (Eisner, 2014; Singer, 2015), Vogel develops a narrative based on two carefully selected case studies that allow him to demonstrate the validity of his argument more broadly. Second, he also provides concrete advice for scholars and policy makers on how to incorporate this perspective into their research and practice. * Jonathan Krautter, Contemporary Japan *
In an age of market fundamentalism, Steven Vogel provides a timely and powerful reminder that real markets require rules and 'free markets' require the most. Tired rhetoric about government vs. the market doesnt just make little sense; it makes for terrible policy. * Jacob S. Hacker, Director, Institution for Social and Policy Studies, Yale University, and co-author of American Amnesia: How the War on Government Led Us to Forget What Made America Prosper *
Steven Vogel's Marketcraft provides the language and the concepts we need to break out of the tiresome and unproductive debate over reliance on markets or government to manage the economy. He demonstrates definitively that states structure markets. He shows that our focus should be on how states do marketcraft and who benefits from particular policy choices. * Fred Block, Research Professor, University of California, Davis, and co-author of The Power of Market Fundamentalism *
This is a profound and important book. The wonders of efficiency that we call markets are not self created but constructed, and they need governments to thrive. At a time when globalization and information technology create novel market platforms that carry new promises, new dangers, and new fears, Steve Vogel's thoughtful pro-market argument has never been more relevant. * Nicolas Veron, Senior Fellow at both Bruegel and the Peterson Institute for International Economics *
Book Information
ISBN 9780190699857
Author Steven K. Vogel
Format Hardback
Page Count 200
Imprint Oxford University Press Inc
Publisher Oxford University Press Inc
Weight(grams) 431g
Dimensions(mm) 163mm * 239mm * 23mm
