Overview

A revelatory and unexpected examination of the political economy of the past century--and an argument that policymakers in government, not the mythical ""free market,"" created the most dynamic economy the world has ever known. For many decades, a sacred myth has ruled the minds of policymakers and business leaders: free markets, untouched by the soiled hands of government, bring us pros-perity and stability. Economist and writer Chris Hughes demolishes this fantasy by chronicling the hidden history of American capitalism: a centuries-long tradition of industrial policy where the state's guiding hand has been essential to prosperity. Markets do not exist in a vacuum but are the product of a deliberate political order, a practice he calls ""marketcraft."" This groundbreaking book takes readers through the high-stakes evolution of our most critical industries, from the state-led management of our banking and financial systems to the intentional development of energy, aviation, healthcare, and semiconductor markets. American government has always done far more than just react to ""market failures."" Tracing a lineage from Alexander Hamilton to the architects of Trump and Biden industrial policies, Hughes introduces the ""marketcrafters""--the technicians and organizers who combined expertise with judgment to cultivate the economy like a garden. By studying their triumphs and failures, we can pursue a smarter industrial policy for the future. As we navigate the transformative potential of artificial intelligence and the urgent demands of the climate crisis, this book serves as an essential road map for harnessing the power of markets to build a stable, inclusive, and abundant future for all Americans.

Full Product Details

9781668050187

Table of Contents

Reviews

""Marketcrafters is a genuinely riveting economic history, peopled by figures both larger than life and as familiar as your neighbors. It will reshape how you think about the 20th century."" --Zachary Carter, author of The Price of Peace ""A lucid refutation of libertarian economics in the service of the public interest . . . [written] in clear and nontechnical language."" --Kirkus Reviews ""A thoughtful, narrative examination of the political economy of the past century, and the invisible hands that shape the invisible hand."" --Cathy Rampell, Washington Post columnist and CNN commentator ""A trenchant study . . . Hughes complements his remarkably unstuffy economic discussions with fine-grained character portraits, as when he traces Lina Khan's transformation from a brilliant but self-doubting Yale law student into a bold antimonopoly crusader as chair of the Federal Trade Commission under Joe Biden. It adds up to a vigorous defense of economic regulation."" --Publishers Weekly (starred review) ""Chris Hughes reminds us how America's economic success didn't emerge from absenteeism from policymakers. Instead he helps us to see how the public played a key role in shaping and spurring competitive markets."" --Rohit Chopra, Director of the Consumer Financial Protection Bureau ""In an era of dramatic inequality and instability, it is more crucial than ever to restructure our economy to advance the common good. In this compelling and timely book, Hughes brings to the forefront the leaders, thinkers, and high-stakes moments that shaped our political economy at key points throughout modern American history. The result is an essential book that brings back to the fore a set of policy tools and an intellectual tradition that will be increasingly needed in the years ahead."" --Sabeel Rahman, coauthor of Civic Power: Rebuilding American Democracy in an Era of Crisis ""Shattering the artificial dichotomy between the free market and government intervention, Chris Hughes's fascinating history shows us that most of the time the in-between is what matters. This book provides an eye-opening history of the 'marketcrafters' who harnessed government investment and regulation to the benefit of the economic health of the nation. Names who many readers might not be familiar with--Jesse Jones, Bill Martin, Andrew Brimmer, and Katherine Ellickson--were forgotten architects of the American Century. Hughes brings each character to life. While their overall record is mixed, the model they established for nurturing government-market relations was an enduring component to the most dynamic periods of American economic growth. With a historian's eye toward the past, Hughes points to a path forward as the United States continues to mobilize in order to compete within the modern economy."" --Julian Zelizer, Malcolm Stevenson Forbes, Class of 1941 Professor of History and Public Affairs at Princeton University ""Timely . . . Crucial . . . This should be Project 2029 for the Democrats!"" --Jon Stewart ""Timely, absorbing, and urgent, this deeply researched story will change how you think about the relationship between policy and markets in our time."" --Pete Buttigieg, former Secretary of Transportation

Author Information

Chris Hughes is an economist and author who now serves as Chair of the Economic Security Project, a leading nonprofit advocating for economic power for all Americans. His writing has been published by The New York Times, Time, The Wall Street Journal, and Financial Times. Hughes was a cofounder of Facebook and is a frequent guest on television and radio. He is the author of Fair Shot: Rethinking Inequality and How We Earn and Marketcrafters. He lives in New York City with his family.

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