Explain in bullet points.
Key takeaways from the book, “Radical Markets,” by Glenn Weil and Eric Posner, include
- The current market economy has problems such as monopolization, disparity, and stagnation. This suggests the need to review the market rules themselves.
- The property system should be reformed and a joint ownership self-assessment tax (COST) should be introduced. This would create incentives for property owners to properly value their property, and would result in more efficient resource allocation.
- The one-person, one-vote system should be replaced by quadratic voting (QV), which maximizes the collective well-being of society by allowing individuals to vote more on issues they value.
- Liberalization of immigration should be promoted and a system should be created where appropriate compensation is paid between the host country and the immigrants. The economic benefits of immigration will be widely enjoyed by society.
- Limit corporate control by institutional investors and increase the influence of individual shareholders. This will prevent the concentration of market dominance and promote innovation and competition.
- A system should be established where data is treated as a form of labor and data providers are appropriately compensated. Prevent data monopolies and enable decentralized innovation. DataLabor The authors argue that through radical market reforms such as those described above, negative aspects such as inequality and monopolies can be corrected while maximizing the use of market forces.
This page is auto-translated from /nishio/ラディカル・マーケット using DeepL. If you looks something interesting but the auto-translated English is not good enough to understand it, feel free to let me know at @nishio_en. I’m very happy to spread my thought to non-Japanese readers.