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Market Systems

In: The Invisible Republic

Author

Listed:
  • Robbie Smyth

    (Griffith College)

Abstract

The idea of a working market system is an attractive proposition. The guarantee of an efficient use of resources, low prices and increased or optimum production of goods and resources is an appealing one. These are some of the supposed unique selling propositions of ‘free’ markets. The reality of market systems in practice is that this is not the case. Markets tend toward exploitative oligopolies and cartels that rack up supernormal profits. This has been the case in every decade since Adam Smith put forward the idea of an invisible hand of self-interest guiding market efficiency. The key questions addressed in this chapter are: Where should the market begin and end and where should the state, through regulation, through the activities of national and local government, pitch its tent in the market system? Should there be limited markets, should the state be the planner of output, what role should there be for local communities? Most importantly what do we do about oligopolies?

Suggested Citation

  • Robbie Smyth, 2022. "Market Systems," Springer Books, in: The Invisible Republic, chapter 0, pages 55-73, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-86734-8_3
    DOI: 10.1007/978-3-030-86734-8_3
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