Everything for Sale: The Virtues and Limits of Markets

by Robert Kuttner

In this highly acclaimed, provocative book, Robert Kuttner disputes the laissez-faire direction of both economic theory and practice that has been gaining in prominence since the mid-1970s. Dissenting voices, Kuttner argues, have been drowned out by a stream of circular arguments and complex mathematical models that ignore real-world conditions and disregard values that can't easily be turned into commodities. With its brilliant explanation of how some sectors of the economy require a blend of market, regulation, and social outlay, and a new preface addressing the current global economic crisis, Kuttner's study will play an important role in policy-making for the twenty-first century.

"The best survey of the limits of free markets that we have. . . . A much needed plea for Take from free markets what is good and do not hesitate to recognize what is bad."—Jeff Madrick, Los Angeles Times

"It ought to be compulsory reading for all politicians—fortunately for them and us, it is an elegant read."— The Economist

"Demonstrating an impressive mastery of a vast range of material, Mr. Kuttner lays out the case for the market's insufficiency in field after employment, medicine, banking, securities, telecommunications, electric power."—Nicholas Lemann, New York Times Book Review

"A powerful empirical broadside. One by one, he lays on cases where governments have outdone markets, or at least performed well."—Michael Hirsh, Newsweek

"To understand the economic policy debates that will take place in the next few years, you can't do better than to read this book."—Suzanne Garment, Washington Post Book World

Genres: Economics, Nonfiction, Business, Politics, Academic

410 pages, Paperback

First published January 1, 1997

Reviews

[Luke Meehan · Rating 1 out of 5]

The introductory chapter was inspiring, and I thought I'd genuinely found an evidence-based, academically-integrated encyclopaedia of market failures. But where Kuttner is correct he is trivial, and spends the rest of the book misguidedly tilting at strawmen. A shameful waste driven by a seeming unwillingness to not discard priors.

[Brian · Rating 5 out of 5]

The subtitle is more appropriate, which is “The strengths and limitations of markets” – markets have many inherent limitations, and government rightly steps in when these market failures lead to undesirable results. The main argument is that those who argue for marketizing everything are short-sighted and miss the reality of the world; deregulation of airlines, for example, led to worse deals for the customers and less profits for the businesses. Regulation is a critically important aspect of free market society.

[David · Rating 5 out of 5]

great analysis of the privatization craze..

[Ted Morgan · Rating 5 out of 5]

Excellent critique of Libertarian economics.

[Jonah · Rating 3 out of 5]

This book has taught me many important lessons about business and about learning about life.

[Zack Subin · Rating 5 out of 5]

Great depiction of the limits of standard microecon.