Simon's Reviews > Reinventing the Bazaar: A Natural History of Markets

Reinventing the Bazaar by John McMillan
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's review
Aug 30, 11

bookshelves: english, non-fiction, owned
Read in August, 2011

McMillan provides a useful and easy-to-read overview over current thinking on markets (as Joseph Stiglitz is quoted, "There could be no better guide to the modern view of markets than John McMillan's new book."). Using a plethora of examples, McMillans describes the role of information flows, trust, competition, property rights and externalities as key in the functioning of a market. Far from being a radical to either side, McMillan insists on the usefulness and necessity of markets while consistently stressing the role of market design and regulation. The book has some minor flaws, in particular when it deals with motivation (where it neglects non-monetary incentives), and because it fails to evaluate social production as a third way next to markets and central control. All in all a good and informative read though.
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