Throughout history, societies that have embraced open and fair markets have prospered. Societies that have ignored markets have stagnated. Why? Free Markets are a sign of our capacity as a society to cooperate and trust each other. Markets reward those that satisfy the needs of society and, by linking the process of our work directly to its payoff, they incentivize each of us to follow suit and do so.
Our mission at PISM is to bring to undergraduate and graduate students at the University of Pennsylvania the historical experience of markets and their philosophical foundations, and to contribute more in general to the public discourse on the relevance of markets for our societies.
We just launched a new podcast on historical political economy: Penn's Exchange: Markets & Cooperation. Check it every two weeks for new episodes!