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Abstract |
The last quarter century has seen a broad and quite appropriate belief in the efficacy of market organization developed into a dogmatic belief in the market as the best way to govern virtually all economic activities. This undiscriminating belief severely hinders the efforts of societies to find a suitable governance mode for the wide variety of activities for which simple market organization is not appropriate. This essay is concerned with laying out the complexities of market organization that often are needed to make it work well, and the range of activities where market organization does not work well as a basic governing mode. |
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