Morals and Markets

DANIEL FRIEDMAN is Professor of Economics at UC Santa Cruz, 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

'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