Markets

Insights into Regulation

The Costs of Change

“Change” was the slogan of the British Labour Party in the recent General Election. It certainly didn’t do serious damage to electoral prospects; but it

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Blog

On trust in markets

It was a great pleasure to spend two, sunny, late November days in Melbourne this year (2019) discussing the future of regulatory policy with Australian

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Materials from Conferences

Remedies in financial services markets

Delivered as part of ‘Regulation of markets and networks in the UK: the state of play in a period of economic and political insecurity’, Annual Westminster Conference 2015

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buildings with glass windows
Documents

The political economy of markets

The word market is widely used in contemporary economic and political discourse, but usually without any clear sense of what it means or is meant to refer to. In a literal sense, people do not know what they are talking about. The first part of the essay therefore examines the question: what is a market?
The answer is that a market is an economic institution, i.e. a set/system of rules that structures, regulates or governs a particular set of activities involving exchange of goods and services. It encompasses both the system of rules and the activities governed by them and it serves a specific, particular purpose or function, which is to reduce the costs of exchange transactions

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