Radical Markets: Uprooting Capitalism and Democracy for a Just Society

To harness the radicalism we believe is inherent in markets, we must decentralize power while spurring collective action.

Yet any sophisticated, large-scale market depends on well-designed and well-enforced rules of the game without which rampant theft, constant breaking of contracts, and the rule of the physically strongest would prevail. These rules can be boiled down to three principles: freedom, competition, and openness.

We were promised economic dynamism in exchange for inequality. We got the inequality, but dynamism is actually declining. Call it stagnequality—lower growth combined with rising inequality rather than inflation. It is no surprise, then, that the public has rejected conventional economic wisdom.