Understanding Business: Markets

How do markets work? This reader introduces the student to the workings of the market, explaining both the reasons for its success and its shortcomings. Throughout, the text encourages a critical approach demonstrating the diversity of market economies. In particular it explores:

• the social nature of market economies


• the range of approaches to the study of the market: Marxist, Austrian, Keynesian and institutional economics are discussed as alternatives to the neo-classical mainstream


• the differences between Anglo-American, European and Asian economic models


• the historical development of markets


• globalisation: its extent and its impact


• the costs and the benefits of markets

With chapters by Will Hutton, John Gray and Eric Hobsbawm, this reader provides an excellent introduction.