Common Quote by Douglas Massey
“Markets are a social construction, they're made from institutions. We in a democratic society create markets, we constitute markets, we bring them into existence, and we shouldn't turn markets over to a narrow group of people who regulate them and run them in their interests, rather they should be run democratically for the common good.”
About This Quote
Source Speech: Public Lecture on Market Governance, 2019
Markets are created by collective social choices and institutions, not natural forces; democratic control is needed to serve the common good.
In simple terms: Markets are socially built and need democratic oversight.
Key Takeaway
Ensure markets serve everyone, not just elites.
Themes
democracy
economics
social construction
governance
public good
Mood
critical
reflective
Type
analytical
political
When to use this quote
- policy making
- community budgeting
- regulatory reform
- citizen assemblies
Key Concepts
institutional theory
collective action
public choice
market design
Questions to Reflect On
- Who decides the rules of a market?
- How can democratic processes balance expertise and inclusion?
A Different Perspective
Democratic control can be slow and conflict‑prone, risking inefficiency.
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