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The Natural Instability of Markets: Expectations, Increasing Returns, and the Collapse of Capitalism 1999th Edition
Author(s): Michael Perelman (Author)
- Publisher: Palgrave Macmillan
- Publication Date: 30 Jun. 1999
- Edition: 1999th
- Language: English
- Print length: 203 pages
- ISBN-10: 0312221215
- ISBN-13: 9780312221218
Book Description
As Socialist states struggle to transform themselves into market economies and the United States privatizes everything from schooling to policing, the current crises in Russia and East Asia suggest that something might be amiss. In the rush to open societies to the benefits of competition, economists have overlooked the fundamental instability of competitive markets. What had seemed to be an invincible capitalist juggernaut may be reaching its apotheosis. A close look at market economies is more timely and crucial than ever. Michael Perelman argues that capitalism's victory is temporary, based as it is on an unrealistic understanding of the system's inherent risks. He analyzes the nature and causes of crisis within a market society, and along the way, he re-examines one of capitalism's most primary and unquestioned tenets, that the more competition there is, the better off society will be. This accessible book, garnished with plenty of examples and anecdotes, is an open-minded injection of common sense into the understanding of a capitalist society.
Editorial Reviews
Review
"His message is an important and well-reasoned one...a book that deserves a wide audience." - Review of Political Economy
About the Author
MICHAEL PERELMAN is Professor of Economics at California State University, Chico.
