Market Systems

Robbie Smyth ()
Additional contact information
Robbie Smyth: Griffith College

Chapter Chapter 3 in The Invisible Republic, 2022, pp 55-73 from Springer

Abstract: Abstract The idea of a working market system is an attractive proposition. The guarantee of an efficient use of resources, low prices and increased or optimum production of goods and resources is an appealing one. These are some of the supposed unique selling propositions of ‘free’ markets. The reality of market systems in practice is that this is not the case. Markets tend toward exploitative oligopolies and cartels that rack up supernormal profits. This has been the case in every decade since Adam Smith put forward the idea of an invisible hand of self-interest guiding market efficiency. The key questions addressed in this chapter are: Where should the market begin and end and where should the state, through regulation, through the activities of national and local government, pitch its tent in the market system? Should there be limited markets, should the state be the planner of output, what role should there be for local communities? Most importantly what do we do about oligopolies?

Keywords: Free markets; Competition; Recession; Oligopoly; Hayek (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-86734-8_3

Ordering information: This item can be ordered from
http://www.springer.com/9783030867348

DOI: 10.1007/978-3-030-86734-8_3

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().