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Radical Markets: Uprooting Capitalism and Democracy for a Just Society

4.02  ·  Rating details ·  879 ratings  ·  133 reviews
Revolutionary ideas on how to use markets to bring about fairness and prosperity for all

Many blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking--and pretty much all conventional thinking about markets, both for and against--on its head. The book revea
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Hardcover, 368 pages
Published May 15th 2018 by Princeton University Press
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Ben
May 26, 2018 rated it liked it
Shelves: economics
This book introduces five provocative ideas for major economic and political reforms: a common-ownership self-assessed tax (COST) for taxing property, quadratic voting for political influence, a visas between individuals program (VIP) for liberalizing immigration, breaking up institutional investors' ability to own large stakes across an industry, and vague digital unions so "technoserfs" are paid for their digital labor.

The arguments for the proposals get steadily weaker through the book, to t
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Jeff
Jul 18, 2018 rated it did not like it
Absolutely the most insufferable book I have read in years, and I have an ulterior motive to like it since I'm cited in it. Somehow despite living in the US, on earth, for several decades, the authors have not gotten the memo that RICH PEOPLE IMMEDIATELY GET TO WORK RIGGING ANY SOCIAL STRUCTURE THE MOMENT IT COMES INTO EXISTENCE. And that the one and only solution that has consistently worked historically is CLASS STRUGGLE. Instead of recognizing this to any degree whatsoever, the authors instea ...more
Daniel Roberts
May 12, 2018 rated it it was amazing
From its Table of Contents, “Radical Markets” might seem to be a meandering hodgepodge of thought experiments. Each chapter elaborates on specific and unexpected areas where “radical markets” might be introduced in their current absence, but the interrelation of these case studies and policy proposals can appear tenuous. Book projects in the social sciences are typically deep elaborations on a tight substantive areas. However, the contrasting breadth of “Radical Markets” isn’t an overreach beyon ...more
John  Mihelic
Nov 04, 2018 rated it liked it
When this came out, the real focus was on the immigration proposal that was more or less slavery with extra steps. Then there was also the part where all property is continually for sale. I wasn't sympathetic to most of the proposals they had in here - one, quantum voting sounds interesting but can also feel full of holes once you start asking questions - because they feel like some sort of rehashed cross between radical libertarianism and public choice. These both have been in practice used as ...more
Athan Tolis
Oct 28, 2018 rated it really liked it
Shelves: ec-and-finance
So I ordered this without paying enough attention to notice that, for all his references to Gary Becker in the introduction, co-author Eric Posner is… my age!

Turns out he’s the son of judge Richard Posner, from whose text, along with Polinsky’s, my teacher Keith Hylton introduced me to the subject of Law and Economics some thirty (gulp!) years ago and whose blog with Gary Becker was such a joy to read until Becker’s recent passing.

Eric Posner and his co-author Glen Weyl start by surveying the st
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Jason Furman
Jun 02, 2018 rated it it was amazing
A brilliant, provocative work that is somewhere along the spectrum between economics and science fiction. The book is framed around a critique of economics that belies its central thrust—which is the unsparing discussion of how various systems straight out of mechanism design but often untethered from any psychological/historical/enforcement/implementation considerations could help make highly rational, utility/profit-maximizing agents better off.

Each chapter develops and presents a specific pro
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Sreejith Puthanpurayil
Jul 08, 2018 rated it it was amazing
Though not every idea in this book was fully convincing, the quality of the unique ideas that were was enough to give this 5 stars. Redefining the ownership model of physical property (land, resources, energy, water etc) to an auction-based model is one of those interesting ideas.

The idea is that property, as currently defined, acts like a monopoly in the sense that it prohibits others from using that resource to offer more value to society if the owner prohibits from selling it. One can look a
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Wendy Liu
Interesting in places. The authors diagnose some of the political & economic problems we're facing today, but (imo) underestimate their scale/importance. And I'm not convinced by the solutions they propose, which range from the bizarre and frankly unethical (improving the US immigration system by allowing individuals to "import" migrants as indentured servants...?) to the really mundane (changes to voting design, which might be a small step up, but hardly seem radical given the problems diagnose ...more
Vivek
Sep 04, 2018 rated it did not like it
Absolutely impractical, unworkable technocratic drivel.
Hana
Nov 30, 2018 marked it as to-read
I was led to this book by the authors' excellent and very thought-provoking article on Liberty versus Monopoly, which argues that the "business-libertarian nexus of the late twentieth and early twenty-first century [so beloved of Silicon Valley types] is an aberration, with a brief history and no future." Lots of great historical perspectives on the evolution of political-economic theory in the US. If the book is as good as this essay it's a must read.

https://americanaffairsjournal.org/20...
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Marks54
Jun 04, 2018 rated it really liked it
So this law and economics guy walks into a bar ...

I had heard some good reviews of this book and put it in my queue. Then someone I told about it got back to me and said it was fairly good - a bit wacky but worth a read. So ...

It is actually worth reading. The premise is that market ideas can address some contemporary problems, but only if markets are unleashed and allowed to work in a radical fashion. Then through the magic of mechanism design (and a bunch of math that gets left in the basic re
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Alex Cloak
Nov 18, 2018 rated it it was amazing
Shelves: finance
Probably the most important book of the year, as it provides five clear examples of applying free market economy to solve the most ardent problems of our times, at the behest of common good and
social equality. I am confident there will be follow-ups in future writings and hope to see some of the newly proposed solutions applied to a functional economy.
Ramnath Iyer
Apr 29, 2019 rated it really liked it
Bold burst of fresh air thinking

This is book is nothing if not ambitious. To paraphrase the words of the authors Eric Posner and Glen Weyl, they react to the growing populism in the West by “aiming to give people hope based not on giving more power to governments, but on empowering individuals through markets to have more freedom”. Talk about ambition! The aim is nothing less than to use markets to solve a plethora of the world’s woes – from wealth concentration to skewed stock market ownership
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Kelly
Sep 24, 2018 rated it it was amazing
I read this ahead of seeing one of the authors speak at a conference this week. I will leave this at three stars for now and adjust based on what I experience at that conference session. The reason is, these are certainly compelling ideas....but they are really just thought experiments without a pragmatic plan to make any of them happen, even in a pilot phase. So I'm eager to learn how the authors plan to take their ideas forward and make them a reality.

A good book to read before or after this o
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Ryan
Jun 02, 2018 rated it it was amazing  ·  review of another edition
Overall, one of the best books I've ever read. Basically describes ways markets could be used to increase economic inefficiency, decrease inequality (and in particular, increase the proportion of rewards going to productive labor vs. accumulated capital), and fix various systems (political and social). Largely an extension of the ideas of William S. Vickrey.

Things I particularly liked about the book: a credible argument against "conventional" Georgist land-value tax (difficulties in valuation),
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Nilesh
Feb 02, 2019 rated it it was amazing
The book’s last chapter should have been its first. What I write in the next few paragraphs is based on the topic in the chapter. The descriptions are to preface what the authors attempt in the book although they are mostly mine. Economic societies are highly complex systems. With millions of variables and unknown equations, there is no easy way to optimize them. As various communist experiences proved at high costs, any central body that tries to manage an economy top-down by allocating resourc ...more
Matt
Jul 14, 2018 rated it really liked it
I'm not entirely convinced by any of the proposals, the writing sometimes bogs down, and despite containing more detail than the average popular book, some of the explanations feel quite handwavy. But this is tasty food for thought.

The proposals include:

* A 'common ownership self-assessed tax' (COST), which in its most radical form would be applied to all property. Owners would have to self-assess the value of everything they own, and would be taxed accordingly, at a rate that would vary accordi
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Laurent Franckx
Nov 15, 2018 rated it really liked it
Economists are all familiar with Keynes' quip that "soon or late, it is ideas, not vested interests, which are dangerous for good or evil."
Keynes would probably have been surprised to discover that after the Second World War, the ideas of economists increasingly dealt with technical issues such as equilibrium concepts in game theory and representing increasing returns to scale in models of economic growth and international trade.
However, as Posner and Weyl point out, the great economists of the
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Lars Plougmann
Jan 06, 2019 rated it really liked it
A book on economic theory and mechanism design may not be for everyone. But the authors of Radical Markets have done an impressive job representing their ideas with just enough economic history and explanation of incentives that the book will appeal to anyone who is curious about how we can tweak our society to improve the way it works.

As the authors point out, markets and property rights are human constructs. Both have limits in usefulness and also limits imposed by laws on how far they reach.
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Jonathan Mckay
Apr 09, 2019 rated it liked it
Radical economics introduces a few ideas that serve as valuable thought experiments, even though none could be considered a serious policy proposal. The one closest to my expertise was a complete waste, so even though I'd like to give the book a higher rating, landed at 3 stars.

1. Property taxation marketplace -- The premise is that we could use markets to self-enforce valuations on property tax, thus incentivizing property owners declare the actual value of each item they own. I was convinced,
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Erik
Mar 15, 2020 rated it liked it  ·  review of another edition
If a work of speculative "Black Mirror"-esque fiction were to meet in-depth, well-cited and researched economic, political, and legal theory, it would be "Radical Markets" by legal scholar Eric Posner and economist E. Glen Weyl.

Separated into cogent presentations on five ideas of ways markets and our democratic politics can be reworked to make our systems and institutions more equitable and just, "Radical Markets" poses theories on blending the line between public and private property ownership,
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Lorenzo Barberis Canonico
May 07, 2020 rated it really liked it
The mix of game theory, political science, and economic thinking was right up my alley. In many ways, this book is a great example of how mechanism design can literally change everything in society by aligning incentive structures with optimal outcomes for all. Btw this is the book that unveiled the concept of quadratic voting, which is a core mechanic in many contemporary crypto applications and blockchain, including Tezos. 
Dominik
A thought-provoking read. Honest and humble, with creative new ideas (some of which may work, some of which may not, but all of which deserve consideration and additional thought).
Rakshit
Jan 17, 2020 rated it really liked it
The central ideas in books are revolutionary and brilliantly put. It would have certainly earned a 5 star rating from me if it wasn’t a bit repetitive and slightly longer than it needs to be.
Kuba
Oct 24, 2019 rated it really liked it  ·  review of another edition
Most likely wrong, but thought provoking
Marta Franco
Jul 11, 2018 rated it liked it
I appreciate people thinking outside the box, and this radical markets proposal is an entertaining brain exercise. Unfortunately, their suggestions are overall quite flawed. The authors do a good job acknowledging the flaws, but they just dismiss them with weak and unconvincing answers. Still, the book offers a nice analysis of common issues of our current democratic and capitalist system and it offers alternative solutions to the ones we are used to discuss, so it ended up being a fun read.
Dio Mavroyannis
Oct 23, 2018 rated it liked it
I feel slightly bad for giving this book only 3 stars because it is legitimately very interesting and I think the author has a rather elegant solution to a specific technical problem in economics, the public goods problem. Nevertheless I think the author has taken an approach to pushing this at the policy level instead of trying to find a private implementation and deserves no mercy for doing so.

The first chapter is how the using a georgian method of taxation to tax according to land value inst
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Kris
Jul 14, 2019 rated it really liked it
Shelves: non-fiction
Must read or listen for anyone working in the economical or political sector. Happy I listened to the audiobook and not read it, but still agreeing with other feedback I've read : the narrator is not the most fun to listen to. Hope they'll re-record this one day because the content is fantastic.
Sebastian Gebski
Feb 28, 2019 rated it it was amazing
5 stars for 1 single reasons - it IS thought-provoking & it actually spurs you to THINK, consider, evaluate & confront the concepts suggested in the book. Contrary to the initial impression, it doesn't really wrap ready-to-use ideas, but it's practical enough to avoid being a foggy utopia (at least in majority of cases).

On the other hand, the ideas are ... uneven. Not only in terms of detail, but also in terms of "polishing". Going through all the 5 major chapters:
* COST - I totally loved it, it
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Teddy
Jul 24, 2018 added it
fun to read, some really interesting ideas, also a little nuts. what happens when economists take psychedelics and stimulants at the same time? read this book to find out.

basically a series of thought experiments. they come up with five different policies that they say would remedy problems inherent to free-market capitalism: inequality, assorted inefficiencies, collective-action problems among workers. I think the quality of the thought experiments somewhat deteriorates as the book goes on, an
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Eric Posner is the Kirkland & Ellis Professor of Law at The University of Chicago.

His books include Law and Social Norms (Harvard 2000); Chicago Lectures in Law and Economics (Foundation 2000) (editor); Cost-Benefit Analysis: Legal, Economic, and Philosophical Perspectives (University of Chicago 2001) (editor, with Matthew Adler); The Limits of International Law (Oxford 2005) (with Jack Goldsmith)
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Rumaan Alam began writing Leave the World Behind with a series of tweets on a secret Twitter account he started two years ago.   The book that...
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“This arrangement, in which users take advantage of services and the company gains all the upside of the data they generate, may sound novel, but it is actually very old. Prior to the rise of capitalism, feudal labor arrangements worked similarly. Lords insulated their serfs from fluctuations in markets and guaranteed them safety and traditional rights to use the land and to keep enough of their crop to survive. In exchange, lords took all the upside of the market return on serfs’ agricultural output. Similarly, today, siren servers provide useful and enjoyable information services, while taking the market value of the data we produce in exchange. We thus refer to this contemporary system as “technofeudalism.” 2 likes
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