1. “States created markets. Markets require states. Neither could continue without the other.”

“States created markets. Markets require states. Neither could continue without the other.”

Blog 1/3 in the ‘History of Money’ series

Neoliberals often claim that reducing the size of the state will create a more efficient economy, as if the existence of the state is an impediment to the free market. This ideology has been used to justify the selling off of national assets, and the scaling back of public services. But this viewpoint ignores the fact that markets rely upon states for their very...