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MarketcraftHow Governments Make Markets Work$
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Steven K. Vogel

Print publication date: 2018

Print ISBN-13: 9780190699857

Published to Oxford Scholarship Online: February 2018

DOI: 10.1093/oso/9780190699857.001.0001

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The Elements of Marketcraft

The Elements of Marketcraft

Chapter:
(p.15) 2 The Elements of Marketcraft
Source:
Marketcraft
Author(s):

Steven K. Vogel

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190699857.003.0002

How do you craft a market? This chapter reviews some of the key institutions necessary to make markets function and flourish. A modern market economy requires much more than the rule of law and the protection of private property: corporate law, accounting systems, banking regulation, capital market regulation, corporate governance, labor regulation, antitrust policy, sector-specific regulation, intellectual property protection, and the deliberate fabrication of certain markets. These mechanisms structure markets by defining market actors, such as corporations; constructing goods, such as intellectual property rights; establishing market arenas, such as stock exchanges; setting the rules of exchange, such as trading practices; and promoting competition via regulation. In all of the substantive issue cases reviewed in this chapter, government regulation and private-sector coordination are not impediments to markets, but rather preconditions to their creation, expansion, and dynamism.

Keywords:   corporate law, accounting, banking regulation, corporate governance, labor regulation, antitrust policy, intellectual property

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