Monday, March 11, 2019

Radical Markets

In recent decades in the West, GDP growth has slowed down, while inequality has risen. Radical Markets points out the inefficiencies with the status-quo version of capitalism we are familiar with, and recommends a wholesale change that is even more market-based than the one we have.

The vast majority of readers will hate the ideas propounded in this book. The status quo is comfortable, and dramatically changing it feels risky. But can our economic and voting incentive systems be improved? The authors strongly believe so and I buy into many of their arguments. Their system would seek to eliminate monopolies through a market system that is pretty innovative, I must say. But it sounds pretty uncomfortable, too!

Making wholesale changes to society is probably ill-advised when the current system has lifted so many out of poverty. But trying potentially new ideas out doesn't have to upend society if it's done within certain geographic or industry boundaries. I would love to see this system employed in some experimental area, to view progress towards both its intended results as well as some likely unintended consequences.

If your mind is open to other implementations of capitalism, I highly recommend Radical Markets.

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