Capitalism faltered at the end of the 1990s as corporations were rocked by fraud, the stock-market bubble burst and the American business model - unfettered self-interest, privatization and low tax - faced a storm of protest. But what are the alternatives to the mantras of market fundamentalism? Leading economist John Kay unravels the truth about markets, from Wall Street to Switzerland, from Russia to Mumbai, examining why some nations are rich and some poor, why 'one-size-fits-all' globalization hurts developing countries and why markets can work - but only in a humane social and cultural context. His answers offer a radical new blueprint for the future.
"One of the leading British economists of his generation"
- Hamish McRae, the Independent
"The Truth About Markets is written with wit and subtlety, its themes enlivened by a wide range of references and its chapters chopped into digestible bites . . . Kay's book is an important contribution to the post-1990s reassessment of capitalism. It provides a counterblast to those on the pro-ABM side, including Daniel Yergin and Joseph Stanislaw, authors of the influential book The Commanding Heights, as well as to Naomi Klein and an army of others for the antis. Kay's thesis should sit prominently alongside Niall Ferguson's The Cash Nexus as a reminder that, in human affairs, money isn't everything."
- Martin Vander Weyer, The Daily Telegraph
"In an ambitious and brilliantly executed book, John Kay exposes the flaws of what he describes as the American business model -one which is shaped by greed and self interest, free markets, low tax and a minimal role for the state. It is accessible and witty, and it sheds light on the way the world works. As the certainties of the 1990s fall into the past, Kay's conclusion is engaging."
- Richard Lambert, The Times
John Kay is one of Britain's leading economists. He was the first (controversial) head of the Oxford Said Business School and for many years headed Europe's largest private firm, providing economic advice to companies and governments. He has a regular column in the Financial Times.
Shopping basket
