Morals and Markets

DANIEL FRIEDMAN is Professor of Economics at UC Santa Cruz, USA.

'Anyone interested in markets and morals, perhaps the central issue of our time, should read this very interesting and thoughtful book.' - Tyler Cowen, Professor of Economics, George Mason University, USA 'The message markets plus moral is excellent, it is consonant with behavioral game theory's results, including experiments with small-scale societies, and with McCloskey's recent book on bourgeois morality. But, Friedman's message is simpler and clearer.' - Herbert Gintis, Santa Fe Institute, Central Europe University (Budapest), Hungary 'I have been waiting for someone to write this book for a long time. Its use of historical anecdotes to explain why one cannot divorce a society's economics from its social contract is utterly convincing.' - Ken Binmore, Professor Emeritus, University College London, UK 'This book expertly addresses the most important issues confronting the continued evolution of morals and instituions for human socioeconomic betterment.' - Vernon L. Smith, George L. Argyros Chair in Finance& Economics, Chapman University, USA

• Prologue The Savanna Code: What Good are Morals? Bazaar and Empire: How Did We Become Civilized and Start Shopping? The Great Transformation: Why is the Modern World So Rich? Utopias of Cooperation: The Rise and Fall of Communism Russia's Transition to Kleptocracy: When Markets Need Morals Japan's Bubbles and Zombies: When Morals Choke Markets Towers of Trust: The Rise (and Occasional Crash) of Financial Markets From Hudson's Bay to eBay: Why Do Some People Like Going to Work? Markets for Crime and Markets for Punishment Mullahs' Revenge: Gangs, Cults, and Anti-Terrorists Cooling the Earth: Environmental Morals and Markets Future Morals and Markets: Can This Marriage Be Saved? Appendix: Technical Details Endnotes Bibliography Index