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One reason for the primacy of the market in shaping the modern world is that it forces a reorganization of society in order to make the market work properly . When a market comes into existence, as Marx fully appreciated, it becomes a potent force driving social change.
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Chapter One, Nature of Political Economy, p. 19

 

Robert Gilpin

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Let's begin with capitalism, a word that has gone largely out of fashion. The approved reference now is to the market system. This shift minimizes — indeed, deletes — the role of wealth in the economic and social system. And it sheds the adverse connotation going back to Marx. Instead of the owners of capital or their attendants in control, we have the admirably impersonal role of market forces. It would be hard to think of a change in terminology more in the interest of those to whom money accords power. They have now a functional anonymity.

 

John Kenneth Galbraith

 

The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.

 

Robert Haugen

 

...new nuclear plants are simply unfinanceable in the private capital market, and the technology will continue to die of an incurable attack of market forces—all the faster in competitive markets. This is true not just in the U.S., where the last order was in 1978 and all orders since 1973 were cancelled, but globally.

 

Amory Lovins

 

What is actually happening now is that monoploy capitalism needs the state to disempower ordinary people's institutions and lives. What we are actually developing in modern Europe is a post-democratic society. We are creating an oligarchical elite structure where moneyed elites, the elites of industry cohabit with political elites and they move into each other's regimes and spaces. So we have now produced what I would call a market state, and the market state really just exists for the benefit of those in the top. And there is clear economic and social evidence for this, it is very clear that only those at the very top of society in the developed world have really benefited from the last thirty years.

 

Phillip Blond

 

Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.

 

Paul Ormerod