New Books in Intellectual History

Jacob Soll, "Free Market: The History of an Idea" (Basic Books, 2022)

7 snips
Aug 8, 2024
Jacob Soll, a professor at USC specializing in philosophy, history, and accounting, dives into the complexities of free market thought. He discusses how the narrative of free markets as sole wealth creators has unraveled, pointing to the rise of state-influenced economies like China and Singapore. Soll explores historical influences, including Cicero's ethical market philosophy, and the tension between state intervention and market freedoms. He reveals how a deeper understanding of early economic theorists is crucial for navigating today's economic landscape.
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INSIGHT

State Role in Wealth Creation

  • China's rapid wealth disproves the dogma that states inhibit economic growth.
  • State involvement combined with entrepreneurialism is key to modern economic success.
INSIGHT

Ideal Free Markets Don't Exist

  • "Free markets" never exist in pure form; conditions and state involvement always shape markets.
  • Even 'freest' markets like Singapore have substantial state control and intervention.
ANECDOTE

Wine Quality Illustrates Market Nuances

  • Jacob Soll compares privately made wines (superior) to state-made ones (terrible) from Eastern Bloc experience.
  • This illustrates that private enterprise has quality advantages, but complexities arise in sectors like automobile production.
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