Reinventing the Bazaar: A Natural History of Markets | 
|  | | | Title: | Reinventing the Bazaar: A Natural History of Markets | | Author: | John McMillan | | Publisher: | W. W. Norton & Company | | Type: | Book / Paperback | | Publication Date: | November, 2003 | | ISBN / ISBN-13: | 0393323714 / 9780393323719 | | List Price: | $16.95 | | You Save: | $5.42 | | Amazon Price: | $11.53 | |
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| Editorial Review / Publisher's Information:
Product Description
Clear, insightful, and nondogmatic, this book gives us a new appreciation for one of our most ubiquitous institutions. From the wild swings of the stock market to the online auctions of eBay to the unexpected twists of the world's post-Communist economies, markets have suddenly become quite visible. We now have occasion to ask, "What makes these institutions work? How important are they? How can we improve them?" Taking us on a lively tour of a world we once took for granted, John McMillan offers examples ranging from a camel trading fair in India to the $20 million per day Aalsmeer flower market in the Netherlands to the global trade in AIDS drugs. Eschewing ideology, he shows us that markets are neither magical nor immoral. Rather, they are powerful if imperfect tools, the best we've found for improving our living standards. A New York Times Notable Book.
Amazon.com Review
John McMillan's Reinventing the Bazaar is an extremely accessible description of markets large and small, as well as an explanation of their underlying mechanisms. An "absolutely free market," he says, is a "free-for-all brawl," while a "real market" is an "ordered brawl." Sprinkling his analysis with hundreds of anecdotes and examples--prison camps, eBay, the American experiment with alcohol prohibition, the Tokyo fish market, and traditional Ghanaian bazaars--and pertinent quotes from the likes of Chekhov, Twain, and Steinbeck, McMillan animates his subject. Why do banks build showcase headquarters? Which "frictions" brake, and which spur, various markets? Is the "invisible hand" attached to a clothed arm? Why are both pro- and antimarket absolutists, in McMillan's view, the economics equivalent of "flat-earthers"? Is there such an animal as a "perfect" market? Reinventing the Bazaar answers these questions, and many more, in an eminently wise, entertaining, and instructive way. --H. O'Billovich
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Customer Reviews:
• Just What I Wanted.... 29 September, 2005
a fantastic review of the idea, basic history, and pros and cons of market economies. McMillan writes in a very accessable and yet erudite way, and his personal experieces (which he shares) demonstrate his authority on the subject. In looking for a good, basic introduction to macroeconomic ideas this is a helpful read. If you ever encounter leftist or rightist ideologues or a college student who is enticed by communism (a great IDEA, even McMillan agrees), this is a good reference book to silence unfounded criticisms. McMillan is empirical in his reasoning and his potent examples from history and real life are very helpful.
- Reviewed by customer ID: A270TUEATXY9QA
• I Loved This Book. 05 March, 2008
I hope I can express how excited I am about this book. As an economics amateur, I recommend this book to anyone with even a sliver of interest in politics, international development, or contemporary social issues. John McMillan's book, Reinventing the Bazaar, presents in a logical and detailed manner the inner workings of markets: both their strengths and weaknesses. McMillan demonstrates very compellingly the idea that markets and all of their necessary appendages are simply tools used to facilitate efficiency. In his words, "the market system is not an end in itself, but an imperfect means to raise living standards. Markets are not magic, nor are they immoral." Usually the goal is increased economic efficiency and therefore increased standards of living, but those same principles which promote efficiency in markets will increase efficiency almost anywhere they're properly applied.
The key, he explains, is to establish the framework and the rules in such a way that the principles acting through the actions of the market participants can work to create an efficient outcome. It's basic economic theory to state that markets are the best way to coordinate the actions of millions of people, but McMillan explains further. Those essential building blocks of market economies, that is prices, and the pursuit of profit, and competition, are necessarily sustained by a good market design. Good "market design" he explains, entails well defined property rights, the free flow of information, and other critical ingredients. In today's modern and incredibly complex economy, more often then not this requires that the government take some hand in establishing this efficient market design.
One of the most exciting things about this book is that I truly feel it gave me a rational basis on which to judge government policies. If anyone, from the right or left, has any desire to gain a greater grasp of what constitutes good public policy, I recommend they read this book. For example, both China and Russia have privatized in the past several decades but with completely different results; chaos and economic stagnation in Russia while smooth growth in China. The difference is how they implemented their market policies. The same with an example of California's privatization of energy in the 1990s; inefficiency and price gouging because of stupidly designed government policies. McMillan's point is that some things work, and other things don't. The key is to have the right supporting market conditions, either by government policy or by culture, or else the market economy can't work.
Anyways, this book is amazing. Click the button, buy it, read it, ponder it deeply, and walk away with a new perspective on the world around you.
- Reviewed by customer ID: A3F5NYPBYXC6CF
• Pleasant And Valuable Reading 29 January, 2007
Well organized, very well researched, surprisingly readable prose for an academic, and a well balanced mix of case studies from a wide variety of actual markets and more abstract reflections based in good part on these studies. I'm not giving it the full accolade of 5 stars because of some repetitiousness and a "target audience" problem: most readers will either find themselves reading relatively long passages that teach them nothing new (if they're already well-grounded in microeconomics) or else faced with some concepts that are pretty hard and not adequately taught in this book (if the readers lack any previous study of microeconomics) -- that's a difficult problem to solve, and I don't claim to know a solution, but Professor McMillan hasn't found one either. Nevertheless, I'd recommend the book to all levels of readers, as just about everybody will get many useful notions and ways of thinking from it, and it is, all in all, quite pleasant to read from cover to cover.
- Reviewed by customer ID: AFH05SYMHWDNK
• Finally, A Reasonable, Non-ideological Book About Markets 17 May, 2007
I had never expected to give a 5-star review to a book about markets. But this book is a very even-handed description, favoring a case-by-case approach to "market design". Government is neither all bad nor all good, and markets are neither all good nor all bad, in this view. Nor does McMillan wrap markets in the mantles of politics and/or religion, a la Milton Friedman, George Gilder and others. The writing style isn't as felicitous as Tim Harford's "The Undercover Economist", which covers a lot of the same economics theory as this book; nor is this book quite as quick a read. But it has more real-life examples and more intellectual depth overall, while still being very much a popular, non-technical book. Like Harford's book, this one gives orthodox neoclassical economics theory (Arrow-Debreu, equilibrium, supply and demand, and other "Econ 101" stuff) more credence than it merits, but McMillan's pragmatism and professional humility somewhat compensate for this defect. Sadly, John McMillan passed away in March 2007 from cancer while still in his 50s. This book assures us that such a reasonable voice won't vanish completely -- which is lucky for us, since such voices have always been in short supply.
- Reviewed by customer ID: A29SAQV356DDQ4
• A Fantastic Primer On Markets That Leaves You Begging For More! 15 July, 2008
Professor McMillan has written an eminently readable book on the markets. He uses short sentences, rarely makes use of technical jargon and has thrown in numerous real world examples. As a reader, you will be surprised with the sheer depth of material that he covers.
It is a real pity that he passed away in March, 2007. Perhaps, if he were alive today and were inclined to update this book, he might have added a chapter on Google and its search/ads market place; maybe, even commented on the recent brouhaha surrounding on "Cap and Trade" systems (which have been installed to reduce carbon emissions but in turn might reduce growth!); and most important to me, he might have thrown in an analysis of the role of speculators in oil markets. But all of this is mere speculation on my part because Professor McMillan is no longer with us.
He spends the first half of the book exclusively on the five aspects that are needed for designing a market. They are:
1. Information must flow smoothly.
2. Competition must be fostered.
3. People who form the market must be honest and stand up to their end of the bargain.
4. Property rights must be protected but not overprotected.
5. Side effects on third parties must be reduced.
I've decided to commit these principles to memory as I design my market simulator.
- Reviewed by customer ID: A1TWDG0SOPT10Q
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