Revised edition of: The truth about markets. 2003.

Includes bibliographical references (pages 365-410) and index.

Kay, a British economist and columnist, offers insight into American economic life in relation to other economies. He contends that rich states, including the U.S., most European countries, Canada, and Japan, are the product of literally centuries of civil society, politics, and economic institutions all evolving together. We also learn what causes different levels of productivity in various countries; the fact that unrestrained greed and opportunism leads to poor countries, not rich ones; why the industrial revolution happened in Britain and not China; and why America is the showcase for capitalism and Russia currently is not. The author cautions, markets work, but not always and not perfectly.

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