Markets in Historical Contexts: Ideas and Politics in the Modern
World. Edited by Mark Bevir and Frank Trentmann. Cambridge:
Cambridge University Press, 2004. 268p. $70.00.
Since the fall of the Soviet Bloc regimes, it has become accepted
wisdom that the market system has triumphed—that relying on the
free, independent exchange between economic actors is a far superior
way of allocating resources than attempting to “plan” from
above. At a general level, this accepted wisdom is hard to dispute.
Yet, like all such propositions, its heuristic usefulness cuts two
ways: Embracing it wholesale makes for an easy bet; it also, however,
encourages one to overlook a more complex and ambiguous reality that
lurks beneath the surface. We might agree, for example, that markets
confer myriad economic and political advantages. What we might less
readily agree on, however, is what, precisely, we mean by
“markets.” As the essays in Markets in Historical
Contexts make clear, if we mean institutions that are “not
encumbered by geography, weight, unequal access to information,
government regulation, or particularistic agendas” (p. 226) (not
to mention cultural context), then we will quickly find ourselves
running afoul of social science's ultimate limit: reality.