Straight Talk on Trade: Ideas for a Sane World Economy, Author: ani Rodrik.
Markets are not self-creating, self-regulating, self-stabilizing or self-legitimatizing, so they depend on non-market institutions.
Anything beyond a simple exchange between neighbors requires investments in transportation, communications and logistics; enforcement of contracts, provision of information, and prevention of cheating; a stable and reliable medium of exchange; arrangements to bring distributional outcomes into conformity with social norms; and so on.
Behind every functioning, sustainable market stands a wide range of institutions providing critical functions of regulation, redistribution, monetary and fiscal stability, and conflict management. These institutional functions have so far been provided largely by the nation-state. more> https://goo.gl/yjmnyK