The Natural Instability of Markets

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The book critically examines the inherent instability of competitive markets amidst the transition of socialist states to market economies and the U.S. privatization trend. Michael Perelman argues that capitalism's perceived triumph is precarious, rooted in a flawed understanding of its risks. He challenges the widely accepted belief that increased competition benefits society, using examples and anecdotes to illustrate his points. This accessible analysis provides a fresh perspective on the crises facing market economies, emphasizing the need for a deeper understanding of capitalism's dynamics.