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 reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant 19th century spirit of liberal reform and lead to greater equality, prosperity, and cooperation.
Eric Posner and Glen Weyl demonstrate why private property is inherently monopolistic and how we would all be better off if private ownership were converted into a public auction for public benefit. They show how the principle of one person, one vote inhibits democracy, suggesting instead an ingenious way for voters to effectively influence the issues that matter most to them. They argue that every citizen of a host country should benefit from immigration - not just migrants and their capitalist employers. They propose leveraging antitrust laws to liberate markets from the grip of institutional investors and creating a data labor movement to force digital monopolies to compensate people for their electronic data.
Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition - Radical Markets shows how.
About the Author
E. Glen Weyl is a senior researcher at Microsoft Research New York City and a visiting senior research scholar in the Department of Economics at Yale University and at Yale Law School.
ERIC A. POSNER teaches at the University of Chicago. He has written more than one hundred articles on international law, constitutional law, and other topics, and as well as more than ten books, including Radical Markets: Uprooting Capitalism and Democracy for a Just Society and The Twilight of Human Rights Law. He has written opinion pieces for The New York Times, Wall Street Journal, New Republic, Slate, and other popular media. He is a fellow of the American Academy of Arts and Sciences and a member of the American Law Institute.