Putting the 'American business model' in its place | openDemocracy
John Kay argues that market economies outperform planned societies not because they harness human greed, but because they enable disciplined pluralism—the freedom to experiment and innovate combined with ruthless elimination of failures. He contends that the "American business model" misunderstands how markets actually work by overemphasizing greed and financial markets while underestimating the crucial role of social institutions, trust relationships, state regulation, and cooperation in sustaining modern economies. Rather than replacing markets or adopting universal economic theory, Kay advocates for understanding how different market economies function within their specific historical and cultural contexts.