In this highly acclaimed, provocative book, Robert Kuttner disputes the laissez-faire direction of both economic theory and practice that has been gaining in prominence since the mid-1970s. Dissenting voices, Kuttner argues, have been drowned out by a stream of circular arguments and complex mathematical models that ignore real-world conditions and disregard values that can't easily be turned into commodities. With its brilliant explanation of how some sectors of the economy require a blend of market, regulation, and social outlay, and a new preface addressing the current global economic crisis, Kuttner's study will play an important role in policy-making for the twenty-first century.

"The best survey of the limits of free markets that we have. . . . A much needed plea for pragmatism: Take from free markets what is good and do not hesitate to recognize what is bad."-Jeff Madrick, Los Angeles Times

"It ought to be compulsory reading for all politicians-fortunately for them and us, it is an elegant read."-The Economist

"Demonstrating an impressive mastery of a vast range of material, Mr. Kuttner lays out the case for the market's insufficiency in field after field: employment, medicine, banking, securities, telecommunications, electric power."-Nicholas Lemann, New York Times Book Review

"A powerful empirical broadside. One by one, he lays on cases where governments have outdone markets, or at least performed well."-Michael Hirsh, Newsweek

"To understand the economic policy debates that will take place in the next few years, you can't do better than to read this book."-Suzanne Garment, Washington Post Book World