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Every Market Runs on Rules Someone Chose: There Is No Such Thing as a Free Market

A Market Is Called Free When You Like Its Rules, Which Is Why Every Market Is Regulated and the Real Argument Is Over Which Rules

Rules We Never Notice Still Decide Who Can Trade, What Can Be Sold and What Wages Are Possible

Who Wrote the Rule? Trace Six Market Outcomes Back to the Rule That Made Them

A Company Is a Crew, Not a Machine for Its Owners: Incentives Work Best When They Do Not Assume the Worst of People

Running a Company Only for Its Shareholders Spends the Future to Pay for the Present, Because Owners Can Sell in a Second While Workers and Suppliers Cannot

A Company Sails Like a Ship With a Crew, and the People Who Cannot Jump Overboard Are the Ones Who Care Most Whether It Reaches Port

Take the Helm: Steer a Company for Five Years Without Spending Its Future

Clever Finance Is Not Safe Finance: Stability Targets, Efficient-Looking Markets and Financial Innovation Can Make an Economy More Fragile

A Calm Market and Low Inflation Are Not the Same as a Healthy Economy, Because Complexity Grows Faster Than Anyone's Ability to Understand It

A Financial System Can Walk a Tightrope for Years and Look Calm Because Stable Prices Do Not Measure the Strength of the Wire

Sit at the Regulator's Desk: Decide Which New Financial Products Get Through

Countries Get Rich by Building Capabilities, Not by Opening Up First: Protection, Guidance and Patience Built Today's Rich Economies

Rich Countries Grew Up Behind Tariffs, Subsidies and State Guidance Before They Advised Everyone Else to Open Their Borders

A Sapling Grows Best in a Greenhouse Until Its Roots Are Strong, and Rich Countries Sheltered Their Young Industries Before Advising Others to Open Up

Tend the Greenhouse: Shelter a Young Steelworks Long Enough to Compete, and No Longer

Living Standards Come From What a Country Can Make and Use, Not What It Certifies or Consumes: Machines, Skills and Firms Work as a Set

A Washing Machine Gave Back More Hours of Ordinary Life Than Most Gadgets, and the Things That Lift Living Standards Are Often Old, Physical and Unglamorous

The Best Test of Progress Is What It Gives Back to Ordinary Days: Hours, Health, Security and a Fair Share

Rebuild the Scoreboard: The Ranking of Countries Depends on What You Choose to Count

Putting It Into Practice: Plans, Safety Nets and Expert Advice Are Ordinary Parts of Every Successful Economy, So Test Every Claim With Five Questions

Every Successful Capitalist Economy Uses Planning, Safety Nets and Practical Judgement, So the Useful Skill Is Testing a Claim, Not Choosing a Side

Every Claim About the Economy Has a Rule Behind It, a Risk Under It and a Record Beside It, and a Magnifying Glass Finds All Three

Press the Claim: Match Six Confident Headlines to the Question That Tests Them

Check Your Understanding

Why Calling a Market Free Tells You Less Than It Seems

Why a Company Run Only for Its Quarterly Share Price Spends Its Own Future

Why Today's Rich Countries Sheltered Their Young Industries Before Opening Their Borders

Go Further

The Full Set of Twenty-Three Arguments Behind These Ideas, With the History and Evidence That Support Each One

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A working guide to the economic ideas that common sense skips: why every market is made of rules, why a company is a crew, how clever finance hides risk and how today's rich countries actually got rich.

Much of what sounds like common sense about the economy is a set of choices that someone made and most people stopped noticing. This course teaches the ideas that expose them: why a market is called free only when you accept its rules, why running a firm for its quarterly share price spends the future of the people who cannot leave it, why clever finance is not safe finance, why today's rich countries sheltered their young industries before urging others to open up, why a washing machine can change more lives than a gadget, and which five questions test almost any confident claim.

23 Things They Don't Tell You About Capitalism — how rules, crews and capabilities decide who gets rich

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