Culture and Prosperity: Why Some Nations Are Rich but Most Remain Poor [Paperback]

Why are some countries rich and others poor? Why does a farmer in Sweden have a higher standard of living than a farmer in South Africa? Why does a schoolteacher in Switzerland earn more than one in Chicago?According to leading economic theoristJohn Kay, economic markets are key to the wealth or poverty of the world's nations. InCulture and Prosperity, Kay explores why market economies outperform socialist or centrally directed markets -- and why the imposition of market institutions often fails. His search for the truth about markets takes him from the shores of Lake Zurich to the streets of Mumbai, through theories of evolutionary psychology and moral philosophy to the flower market at San Remo and Christie's salesroom in New York.

Witty, engaging, and grounded in cutting-edge economic theory,Culture and Prosperityis essential for understanding the state of the world today.

[Kay]&delightfully&solves the mystery of why markets work and why they sometimes dont.One of the leading British economists of his generation&gives answers to those puzzling questions that nag the non-specialist.An ambitious and brilliantly executed book... accessible and witty, it sheds light on the way the world works.Written with wit and subtlety ... Kays book is an important contribution to the post-1990s reassessment of capitalism.