A revelatory and unexpected examination of the political economy of the past century—and an argument that policymakers in government, not the mythical “free market,” created the most dynamic economy the world has ever known.
For many decades, a sacred myth has ruled the minds of policymakers and business leaders: free markets, untouched by the soiled hands of government, bring us prosperity and stability. Economist and writer Chris Hughes demolishes this fantasy by chronicling the hidden history of American capitalism: a centuries-long tradition of industrial policy where the state’s guiding hand has been essential to prosperity. Markets do not exist in a vacuum but are the product of a deliberate political order, a practice he calls “marketcraft.”
This groundbreaking book takes readers through the high-stakes evolution of our most critical industries, from the state-led management of our banking and financial systems to the intentional development of energy, aviation, healthcare, and semiconductor markets. American government has always done far more than just react to “market failures.” Tracing a lineage from Alexander Hamilton to the architects of Trump and Biden industrial policies, Hughes introduces the “marketcrafters”—the technicians and organizers who combined expertise with judgment to cultivate the economy like a garden. By studying their triumphs and failures, we can pursue a smarter industrial policy for the future.
As we navigate the transformative potential of artificial intelligence and the urgent demands of the climate crisis, this book serves as an essential road map for harnessing the power of markets to build a stable, inclusive, and abundant future for all Americans.