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From the Athenian Agora to Wall Street: The World's Markets
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From the wild swings of the Dow Jones to the frantic eBay auctions to the grain traders in downtown Accra, people all around the world rely on market systems. Large and small, simple and complex, succesful markets all operate under a similar formula, but each market grows and adapts individually to the people it serves. In this time of American hyper-market awareness, as stocks rise and fall with mind-boggling variability, we're taking a look at the construction of markets. What are the common threads that define a "market", and what makes markets work?Guests:
John McMillan, Professor of Economics at Stanford University's Graduate School of Business, author of "Reinventing the Bazaar: A Natural History of Markets."
This program aired on July 18, 2002.