Marketcraft: How Governments Make Markets Work

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.


Author: Steven K. Vogel
Publisher: Oxford University Press, USA
Published: 03/01/2018
Pages: 200
Binding Type: Hardcover
Weight: 0.95lbs
Size: 9.40h x 6.40w x 0.90d
ISBN: 9780190699857

Review Citation(s):
Choice 09/01/2018

About the Author

Steven K. Vogel is the the Chair of the Political Economy Program, 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.