The Invisible Hand?

The Invisible Hand? offers a radical departure from the conventional wisdom of economists and economic historians, by showing that 'factor markets' and the economies dominated by them - the market economies - are not modern, but have existed at various times in the past. They rise, stagnate, and decline; and consist of very different combinations of institutions embedded in very different societies. The Invisible Hand?, for the first time, draws
together the historical evidence to analyze how and why market economies after some time all decline again. It shows how market economies are fundamentally incompatible with long-run prosperity, equity, and broad
participation in decision-making. This study thus connects with the current debates about the future of capitalism and the causes and effects of inequality by thinkers such as Stiglitz, Krugman, and Piketty. It will interest all those who want to take a fresh look at these critical issues.