Capitalisn't

After the 2008 financial crisis, and especially after the COVID pandemic of 2020, an increasing number of Americans are questioning the wisdom of unregulated markets and envisioning a more active role for the state. Scholars have coined a panoply of neologisms to capture this view of the political economy, including political scientist Kenneth Vogel’s “marketcraft.” The term indicates that the state not only lays the foundation for markets through the protection of the rule of law and property rights, but it also shapes market economies through policy interventions and regulatory institutions like the Federal Trade Commission.Chris Hughes’ new book, “Marketcrafters: The 100-Year Struggle to Shape the American Economy,” traces how governments led by both major parties have worked with the private sector since the country’s founding to intentionally and strategically shape markets. The narrative reveals how Adam Smith’s proverbial “invisible” hand has always been rather quite visible.Hughes is a co-founder of F