Econ Tuesday: Markets and Politics

"Markets are political constructs, with potential for allocating power and wealth between different groups depending on the nature of the norms and rules that authorities put in place to govern markets."

H.E.S. Nesadurai

Two implications from the statement above:

• Distributional conflicts are part and parcel of a capitalist market economy
• The manner in which market rules are written is crucial to governing in the interests of economic security.

From Introduction: Economic Security, Globalization and Governance (2006)