Kay's book covers wider aspects of political economy and is broader than McMillan's - as such it will appeal to more readers. Kay regularly writes on the FT. His opinions - and indeed segments of the book - are available to regular readers of his FT column (like myself).

I gave 5 stars to McMillan's book, in my opinion a slightly more fluid and consistent read. John Kay's book (which also quotes McMillan's book often) is similarly easy to read but a bit less consistent across the various chapters - most likely the flip side of taking a much broader view.

I thoroughly enjoyed the book and I strongly recommend it. You can read this first and then, if enticed by it, get yourself a copy of "Reinventing the Bazaar" to take ... a more focussed bite at the cherry!


Accessible Intelligence   June 16, 2005
 19 out of 23 found this review helpful

A strongly recommended book which emphasizes modern economic issues such as property rights, incentives and information but not at the cost of ignoring macro-economic equilibrium analysis. Strong on contextualising change, and always with a sharp sense of, and faith in, the illuminating power of economics. Recommended to all economics and economic history undergraduates or those thinking of dipping their toe in these highly rewarding seas.

Martin Chick


Incredibly well written   September 22, 2004
 26 out of 32 found this review helpful

Every page has something that makes you say: "Hey! That's really interesting".

Even if you are not interested in Economics, the book is fascinating as it looks at the human nature behind markets.

It is also incredibly well written. It's a page turner and you quickly forget that you a reading a work on non-fiction.


Informative and entertaining   May 27, 2004
 38 out of 44 found this review helpful

For the intelligent non-economist, this book is the ideal introduction to the key economic issues of our time. I have started, but not finished, several other books on economics - Kay's book not only kept me reading, its wit and lucidity also kept me interested and entertained. Highly informative and highly recommended.


An excellent book   June 18, 2003
 18 out of 19 found this review helpful

Professor Kay is one of the leading economists in the UK and writer of one of the best books on corporate strategy (“Foundations of Corporate Success”). In his latest book he aims to explain, describe and justify the requisite framework within which the market economy prospers.

Kay argues, that contrary to common belief, what we refer to as the American Business Model, characterized by unrestrained individualism and minimal government intervention, is not the characteristic framework of successful economies. Indeed the “genius of the market economies to achieve co-ordination without a co-coordinator” works effectively only by being “embedded” in a social, political and cultural context. It is the quality these latter factors which differentiates between poor and rich states. It follows that the principal role of the state should be to allow these conditions to prosper.

Apart from being an authoritative book making a convincing argument this is also an exceptionally well-written and entertaining book, which will appeal to wide range readers. Through a series of “little stories”, he accompanies the reader from the failures of the UK electricity industry to the flower market of San Remo, in order to make each point. This approach brings to life his arguments making it interesting and accessible, even to readers who might lack a background in economics.

Overall, I think this is a very informative and highly rewarding book and would definitely recommend it to people interested in gaining a deeper understanding into the way the markets operate.