Free Event

For many decades, a sacred myth has ruled the minds of policymakers and business leaders: free markets, untouched by the soiled hands of government, bring us prosperity and stability. But it's wrong. American policy makers, on the right and the left, have spent much of the past century actively shaping our markets for social and political goals. Their work behind the scenes and out of the headlines has served as a kind of "marketcraft," resembling the statecraft of international relations.

Economist and writer Chris Hughes takes us on a journey through the modern history of American capitalism, relating the captivating stories of the most effective marketcrafters and the ones who bungled the job. He reveals how both Republicans and Democrats have consistently attempted to organize markets for social and political reasons, like avoiding gasoline shortages, reducing inflation, fostering the American aviation and semiconductor industries, fighting climate change, and supporting financial innovation.

In recent decades, the art of marketcraft has been lost to history, replaced by the myth that markets work best when they are unfettered and free. Hughes argues that by rediscovering the triumphs and failures of past marketcrafters, we can shape future markets, such as those in artificial intelligence and clean power production, to be innovative, stable, and inclusive. Groundbreaking, timely, and illuminating, this is a must-read for anyone interested in economic policy, financial markets, and the future of the American economy.

Chris Hughes is an economist and author who now serves as Chair of the Economic Security Project, a leading nonprofit advocating for economic power for all Americans. His writing has been published by The New York Times, Time, The Wall Street Journal, and Financial Times. Hughes was a cofounder of Facebook and is a frequent guest on television and radio. He is the author of Fair Shot: Rethinking Inequality and How We Earn and Marketcrafters. He lives in New York City with his family.

This event is free with first come, first serve seating.

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In-Person and Online Tickets

Join us for an unexpected history of the rise of American capitalism—and an argument that entrepreneurial leaders in government, not the “free market,” created the most dynamic economy the world has ever known.

Economist and writer Chris Hughes takes us on a journey through the modern history of American capitalism, relating the captivating stories of the most effective “marketcrafters” and the ones who bungled the job. Hughes, author of the new book Marketcrafters, says both Republicans and Democrats have consistently attempted to organize markets for social and political reasons, like avoiding gasoline shortages, reducing inflation, fostering the American aviation and semiconductor industries, fighting climate change, and supporting financial innovation.

That flies in the face of the widespread belief among policymakers and business leaders alike that free markets, untouched by the soiled hands of government, bring us prosperity and stability. Hughes says that’s wrong. American policy makers, on the right and the left, have spent much of the past century actively shaping our markets for social and political goals. Their work behind the scenes and out of the headlines has served as a kind of “marketcraft,” mirroring the statecraft of international relations.

In recent decades, the art of marketcraft has been replaced by the idea that markets work best when they are unfettered and free. Hughes argues that by rediscovering the triumphs and failures of past marketcrafters, we can shape future markets, such as those in artificial intelligence and clean power production, to be innovative, stable and inclusive.

Notes

This program has 2 types of tickets available: in-person and online-only. Please pre-register to receive a link to the live-stream event.

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Speaker photo by Susan Stripling.

Commonwealth Club World Affairs is a public forum. Any views expressed in our programs are those of the speakers and not of Commonwealth Club World Affairs.

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