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Publisher's Summary

Revolutionary ideas on how to use markets to bring about fairness and prosperity for all

Many blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking - and pretty much all conventional thinking about markets, both for and against - on its head. The book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant 19th century spirit of liberal reform and lead to greater equality, prosperity, and cooperation.

Eric Posner and Glen Weyl demonstrate why private property is inherently monopolistic and how we would all be better off if private ownership were converted into a public auction for public benefit. They show how the principle of one person, one vote inhibits democracy, suggesting instead an ingenious way for voters to effectively influence the issues that matter most to them. They argue that every citizen of a host country should benefit from immigration - not just migrants and their capitalist employers. They propose leveraging antitrust laws to liberate markets from the grip of institutional investors and creating a data labor movement to force digital monopolies to compensate people for their electronic data.

Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition - Radical Markets shows how.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.

©2018 Princeton University Press (P)2018 Audible, Inc.

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  • Ryan
  • 02-06-2018

Great ideas to use markets to improve the world

Overall, one of the best books I've ever read. Basically describes ways markets could be used to increase economic inefficiency, decrease inequality (and in particular, increase the proportion of rewards going to productive labor vs. accumulated capital), and fix various systems (political and social). Largely an extension of the ideas of William S. Vickrey.

Things I particularly liked about the book: a credible argument against "conventional" Georgist land-value tax (difficulties in valuation), and an interesting alternative. A superior form of voting (accumulated/bankable votes). "Quadratic" increases in cost for certain policy preferences (such as reducing pollution, or regulations. An interesting immigration scheme where individuals could sponsor foreign workers, gaining a portion of their income, to more broadly distribute the benefits of immigration along with costs.

The chapter on data (data sovereignty, data markets, etc.) seemed pretty weak in comparison to the rest of the book (ironic given the background of the authors), and detracted from the whole.

One interesting element was prefacing each chapter with a fictional story of what life would be like under their proposed rules -- more abstract policy arguments should include these.

There were a lot of flaws with the specific proposals they make, and overall I think for most private property, taxation is theft, and their taxing schemes were in some ways even more immoral than the status quo (personal/portable property being taxed in such a way that third parties could forcibly purchase it for the declared value at any time seems rife for malicious exploitation by trolls, or effective censorship of unpopular people), but they propose testing in much less challenging environments (such as as an alternative way to distribute public assets like radio spectrum or resource exploitation on public property), which I'd support.

I strongly recommend this book.

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  • eric olszewski
  • 26-05-2018

Realistically Optimistic

This piece outlines some pretty radical changes to existing markets and governance systems. There are a number of great thought exercises (especially the in depth look at quadratic voting) that help put into perspective how much more representative and efficient these systems can be.

I have a lot of hope for a number of ideas in this work and will definitely be considering a number when implementing some of the software systems I'm currently working on.

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  • COLLIN K CUSCE
  • 24-05-2018

Love the premise, let's explore the ideas!

Excellent book with some very unique ideas. I believe many of these ideas will be utilized in decentralized economic systems going forward. It will be interesting to see how these radical markets interplay with trustless consensus mechanisms such as those used in blockchain.