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Achieving DemocracyThe Future of Progressive Regulation$
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Sidney A. Shapiro and Joseph P. Tomain

Print publication date: 2014

Print ISBN-13: 9780199965540

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199965540.001.0001

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Government and Markets

Government and Markets

Chapter:
(p.57) Chapter 4 Government and Markets
Source:
Achieving Democracy
Author(s):

Sidney A. Shapiro

Joseph P. Tomain

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199965540.003.0004

Chapter 4 begins Part II of the book by arguing that neoliberalism is too narrow a view of the economy. Further, neoliberal economics has damaged, rather than fostered, strong competitive markets. The fundamental theme of the chapter is that markets cannot exist without government support. Government sets and enforces the common law rules necessary to define, protect, and exchange property. Government regulation also exists to protect the fundamental structure of capitalism such as the financial and monetary institutions needed for liquidity and needed to combat macroeconomic forces such as inflation, recession, and the like. The chapter, through numerous examples, explains both the virtues and flaws of markets and explains the necessary role that government plays in protecting the capitalist markets that produce strong economies.

Keywords:   capitalism, markets, economics, homo economicus, market psychology, market processes, Coase Theorem

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