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 theorist John Kay, economic markets are key to the wealth or poverty of the world's nations. In Culture 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 Prosperity is essential for understanding the state of the world today.