Market, Schmarket is a challenge to well-motivated and well educated citizens to stop whingeing about the disasters being wrought by the capitalist economy and start doing something to build an alternative. The book anatomises the central bases of the globalised economy—the market, trade, money, and work—and proposes sustainable and humane alternatives.
The main achievement of the apologists for capitalism lies in having convinced its opponents of the inevitability of the system, so that we feel coy or embarrassed about suggesting we would like our economy organized according to a different pattern. They have not been backward in coming forward with overpowering assertions as to the inevitability of the market system. The reality is very different, and if there is one message I would like you to take away from this book it is that capitalism is a recent and insecure template for organizing economic life. It has been the dominant economic system in the West for only some 200 years, and has gone through some pretty shaky times during those two centuries.
Endorsements for Market, Schmarket:
As an economics lecturer and speak for the Green Party on economics, Molly Scott Cato is well placed to comment on the state of the market. However it is her style as a writer which enables her to illuminate so clearly the shortcomings of classical economics and lead us to a realisation of a possible alternative. For those who want to see through the deception of the money system and have dreams of a more just society there can be no better starting place.
Caroline Lucas, Green Party MEP
Hitler knew that people will believe a big lie sooner than a little one and that if you repeat a Big Lie frequently, they will come to think it’s true. One of the Big Lies of our time is that markets must be ‘free’ if they are to work well. In fact, the exact opposite is true, as this lively and well-written book shows. Markets can only be a tool for achieving a just and sustainable world if we make strict rules about the way they work.
Richard Douthwaite, green economist and co-founder of FEASTA, the Foundation for the Economics of Sustainability, Dublin
Even if economists might have argued that capitalism was the worst economic system apart from all the others, now that we have reached and surpassed the planetary frontier this languid response will no longer do. Our future depends on developing a system which is grown-up about resource constraints and responds to them intelligently and efficiently. Climate change, as well as the social malaise of late capitalism, make it our duty to come up with something better. Together we can do it.
Read reviews of Market, Schmarket here.