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Book Cover for: Marketcrafters: The 100-Year Struggle to Shape the American Economy, Chris Hughes

Marketcrafters: The 100-Year Struggle to Shape the American Economy

Chris Hughes

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 prosperity and stability. But it's wrong. American policymakers, on the right and the left, have spent much of the past century actively shaping our markets for social and political goals. Their work behind the scenes and out of the headlines has served as a kind of "marketcraft," resembling the statecraft of international relations.

Economist and writer Chris Hughes takes us on a journey through the modern history of American capitalism, relating the captivating stories of the most effective marketcrafters and the ones who bungled the job. He reveals how both Republicans and Democrats have consistently attempted to organize markets for social and political reasons, like avoiding gasoline shortages, reducing inflation, fostering the American aviation and semiconductor industries, fighting climate change, and supporting financial innovation.

In recent decades, the art of marketcraft has been lost to history, replaced by the myth that markets work best when they are unfettered and free. Hughes argues that by rediscovering the triumphs and failures of past marketcrafters, we can shape future markets, such as those in artificial intelligence and clean power production, to be innovative, stable, and inclusive.

Groundbreaking, timely, and illuminating, this is a must-read for anyone interested in economic policy, financial markets, and the future of the American economy.

Book Details

  • Publisher: Avid Reader Press / Simon & Schuster
  • Publish Date: Apr 22nd, 2025
  • Pages: 480
  • Language: English
  • Edition: undefined - undefined
  • Dimensions: 9.18in - 6.36in - 1.41in - 1.39lb
  • EAN: 9781668050170
  • Categories: Government & BusinessUnited States - 20th CenturyMoney & Monetary Policy

About the Author

Hughes, Chris: - 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.

Praise for this book

Praise for Fair Shot: Rethinking Inequality and How We Earn

"I admire Chris's commitment to apply his talent, experience, and wealth to tackle some of our toughest problems." --Bill Gates

"The American Dream is slipping away--too many people are working too hard and they're still sinking, not even able to cover the basic costs of living. Fair Shot offers a new tool for economic mobility: a guaranteed income to all working people--even those whose work hasn't been recognized or compensated with income before." --Arianna Huffington

"If we are to be true to the principles of our nation's founding, opportunity cannot be solely the province of the wealthy and well-connected. Yet the promise that if you work hard you can get ahead is broken for millions of Americans. As we strive to build a fairer, more inclusive country, Fair Shot is a very important read. These ideas must be part of the conversation as we consider how best to ensure the American Dream is available to all. This mission of securing the dream for all presents an urgency for every American; the strength and future of our nation depend on our success." --Senator Cory Booker

"America was never a meritocracy, but the belief that it was fueled the American Dream and maintained social peace. Now the gig is up. Massive wealth is in the hands of a small number of people lucky enough to have been at the right places and times to grab it, while most Americans are going nowhere and can't even rely on a steady income. What's the answer? In this thoughtful book, Chris Hughes--one of the lucky ones--explains why we need a guaranteed income, and how his life experiences have brought him to this conclusion. He makes a powerful and compelling argument that should be at the center of the national economic debate." --Robert Reich, former US Secretary of Labor and author of the national bestseller Saving Capitalism

"Deeply felt and cogently argued . . . Hughes makes a powerful case that deserves a respectful hearing." --The Financial Times