The natural instability of markets
Subtitle: expectations, increasing returns, and the collapse of capitalism
By: Michael Perelman.
Edition: 1st ed.
Publisher: St. Martin's Press
Published: 1999
Place of publication: New York
Language: eng
Number of pages: 188
Subjects: Business cycles.; Capitalism.; Competition.
Description: In the rush to open societies to the benefits of competition, economists have overlooked the fundamental instability of competitive markets - what had seemed to be an invincible capitalist juggernaut may be reaching its apotheosis. Michael Perelman argues that capitalism's victory is temporary, based as it is on an unrealistic understanding of the system's inherent risks.

He analyzes the nature and causes of crisis within a market society and along the way, he reexamines one of capitalism's most primary and unquestioned tenets - the more competition there is, the better off society will be. This accessible book, garnished with plenty of examples and anecdotes, is an open-minded injection of common sense into the understanding of a capitalist society.
Notes: Includes bibliographical references (p. [167]-182) and index.