{"product_id":"how-markets-fail","title":"How Markets Fail by John Cassidy (rare books)","description":"\u003cdiv data-cel-widget=\"bookDescription_feature_div\" data-csa-c-id=\"z6kg7h-phgvzw-cxb8ra-ru14bl\" data-csa-c-is-in-initial-active-row=\"false\" data-csa-c-asin=\"0141036516\" data-csa-c-slot-id=\"bookDescription_feature_div\" data-csa-c-content-id=\"bookDescription\" data-csa-c-type=\"widget\" data-feature-name=\"bookDescription\" class=\"celwidget\" id=\"bookDescription_feature_div\"\u003e\n\u003cdiv class=\"a-expander-collapsed-height a-row a-expander-container a-spacing-base a-expander-partial-collapse-container\" data-a-expander-collapsed-height=\"140\" data-a-expander-name=\"book_description_expander\"\u003e\n\u003cdiv class=\"a-expander-content a-expander-partial-collapse-content\" aria-expanded=\"false\"\u003e\n\u003ch2 data-end=\"83\" data-start=\"44\" data-section-id=\"1399x0\"\u003eBook Summary\u003c\/h2\u003e\n\u003cp data-end=\"161\" data-start=\"85\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eJohn Cassidy’s \u003cem data-end=\"33\" data-start=\"15\"\u003eHow Markets Fail\u003c\/em\u003e, published in 2009, is a sweeping critique of modern free‑market ideology, tracing the evolution of economic thought from Adam Smith through Keynes, Milton Friedman, and modern behavioral theorists. Cassidy argues that many markets—especially financial markets—fail spectacularly due to flawed assumptions such as perfect information, rational actors, and self-correcting mechanisms\u003c\/span\u003e.\u003c\/p\u003e\n\u003cp data-end=\"316\" data-start=\"163\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eIn the first part, \u003cstrong data-end=\"42\" data-start=\"19\"\u003e“Utopian Economics”\u003c\/strong\u003e, he explores how economists historically idealized the invisible hand and mathematical equilibrium as stabilizing forces in the economy\u003c\/span\u003e . \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eThe second section, \u003cstrong data-end=\"49\" data-start=\"20\"\u003e“Reality‑Based Economics”\u003c\/strong\u003e, introduces critical thinkers—like Hyman Minsky, Daniel Kahneman, Richard Thaler, and Amos Tversky—who revealed systemic vulnerabilities such as herding behavior, information asymmetry (e.g., the “market for lemons”), the tragedy of the commons, and Ponzi‑style leveraged finance\u003c\/span\u003e.\u003c\/p\u003e\n\u003cp data-end=\"394\" data-start=\"318\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eIn the final section, \u003cstrong data-end=\"44\" data-start=\"22\"\u003e“The Great Crunch”\u003c\/strong\u003e, Cassidy applies these theoretical insights to the late‑2000s financial meltdown, detailing how deregulation, complex securitization, mortgage abuses, and moral hazards converged to topple institutions like Lehman Brothers and grind global finance to a halt—while government backstops like bailouts and fiscal stimulus were deployed to prevent total collapse\u003c\/span\u003e\u003c\/p\u003e\n\u003cp data-end=\"474\" data-start=\"396\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eCassidy ultimately portrays the crisis not as a failure of regulation or greed alone, but as a \u003cstrong data-end=\"115\" data-start=\"95\"\u003efailure of ideas\u003c\/strong\u003e—a flawed belief system that held markets to be inherently stable, even under uncertainty and speculation\u003c\/span\u003e\u003c\/p\u003e\n\u003chr data-end=\"479\" data-start=\"476\"\u003e\n\u003ch2 data-end=\"518\" data-start=\"481\" data-section-id=\"1jepelj\"\u003eAbout the Author — \u003c\/h2\u003e\n\u003cp data-end=\"762\" data-start=\"520\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003e\u003cstrong\u003eJohn Joseph Cassidy\u003c\/strong\u003e (born 1963) is a British‑American journalist and economist, best known as a staff writer at \u003cem data-end=\"128\" data-start=\"112\"\u003eThe New Yorker\u003c\/em\u003e and a contributor to \u003cem data-is-last-node=\"\" data-end=\"180\" data-start=\"150\"\u003eThe New York Review of Books\u003c\/em\u003e\u003c\/span\u003e \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eHe holds degrees from Oxford (U.C. Oxford), Harvard (Harkness Fellowship), Columbia (journalism), and NYU (economics)\u003c\/span\u003e. \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eBefore joining \u003cem data-end=\"31\" data-start=\"15\"\u003eThe New Yorker\u003c\/em\u003e, he served as editor and deputy editor at major newspapers including \u003cem data-end=\"119\" data-start=\"101\"\u003eThe Sunday Times\u003c\/em\u003e (London) and the \u003cem data-is-last-node=\"\" data-end=\"152\" data-start=\"137\"\u003eNew York Post\u003c\/em\u003e\u003c\/span\u003e.\u003c\/p\u003e\n\u003cp data-end=\"925\" data-start=\"764\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eCassidy has authored several acclaimed books, including \u003cem data-end=\"65\" data-start=\"56\"\u003eDot.Con\u003c\/em\u003e (the dot‑com boom bust), \u003cem data-end=\"109\" data-start=\"91\"\u003eHow Markets Fail\u003c\/em\u003e, and \u003cem data-end=\"143\" data-start=\"115\"\u003eCapitalism and Its Critics\u003c\/em\u003e (2025), which maps dissenting voices across capitalism’s history\u003c\/span\u003e. \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eHis writing is celebrated for blending rigorous economic history with sharp, accessible exposition. \u003cem data-end=\"118\" data-start=\"100\"\u003eHow Markets Fail\u003c\/em\u003e is particularly praised as a lucid, intellectually grounded critique that equips thoughtful readers with the tools to challenge free‑market orthodoxy while recognizing markets’ potential roles and limitations\u003c\/span\u003e\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv data-cel-widget=\"globalStoreInfoBullets_feature_div\" data-csa-c-id=\"97brvd-lvrzl4-1zjsq6-dska9c\" data-csa-c-is-in-initial-active-row=\"false\" data-csa-c-asin=\"0141036516\" data-csa-c-slot-id=\"globalStoreInfoBullets_feature_div\" data-csa-c-content-id=\"globalStoreInfoBullets\" data-csa-c-type=\"widget\" data-feature-name=\"globalStoreInfoBullets\" class=\"celwidget\" id=\"globalStoreInfoBullets_feature_div\"\u003e\u003cbr\u003e\u003c\/div\u003e\n\u003cdiv data-cel-widget=\"edpIngress_feature_div\" data-csa-c-id=\"iyg0kl-rsw0f9-gvsamg-qitpg0\" data-csa-c-is-in-initial-active-row=\"false\" data-csa-c-asin=\"0141036516\" data-csa-c-slot-id=\"edpIngress_feature_div\" data-csa-c-content-id=\"edpIngress\" data-csa-c-type=\"widget\" data-feature-name=\"edpIngress\" class=\"celwidget\" id=\"edpIngress_feature_div\"\u003e\u003cbr\u003e\u003c\/div\u003e\n\u003cdiv data-cel-widget=\"richProductInformation_feature_div\" data-csa-c-id=\"4t5u5g-jea5t7-tyv15c-fphyxw\" data-csa-c-is-in-initial-active-row=\"false\" data-csa-c-asin=\"0141036516\" data-csa-c-slot-id=\"richProductInformation_feature_div\" data-csa-c-content-id=\"richProductInformation\" data-csa-c-type=\"widget\" data-feature-name=\"richProductInformation\" class=\"celwidget\" id=\"richProductInformation_feature_div\"\u003e\n\u003cdiv data-cel-widget=\"rich_product_information\" data-csa-c-id=\"eszdfn-32ye42-jsx8tv-6c0ax6\" class=\"a-section a-spacing-none celwidget\" id=\"rich_product_information\"\u003e\u003c\/div\u003e\n\u003c\/div\u003e","brand":"Best of used books","offers":[{"title":"Used","offer_id":44273484955905,"sku":"2SMTK4VLT-Used","price":399.0,"currency_code":"INR","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0421\/4299\/0495\/products\/HowMarketsFail.jpg?v=1666439071","url":"https:\/\/bestofusedbooks.com\/products\/how-markets-fail","provider":"Best Of Used Books","version":"1.0","type":"link"}