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The good market

John Kay, Britain's leading "stakeholder" economist, separates the virtues of market economics from the vices of aggressive individualism. He argues that individualistic market economies are less productive, less secure and more crime-ridden, than co-operative ones. Legislating for co-operation is not possible, but government can still promote "inclusive" markets

By John Kay   May 1996

The 1970s and 1980s saw the revival of faith in market forces -reversing 50 years of disenchantment. Belief in reducing the economic role of government became a universal clich? even before the collapse of the planned economies of eastern Europe.

The victory of the market system was prefigured in the battle of ideas. The leading intellectual apologists for markets (no longer apologetic) found an attentive hearing in the 1980s under radical right wing governments in both Britain and the US. They are mostly American-although the doctrines they preach are partly attributed to the Austrian, Friedrich Hayek and, implausibly, to Adam…

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