Chapter 1 of "Reinventing the Bazaar"

1. The author see's decision-making autonomy as a defining characteristic of a market, where each party is voluntarily involved.  McMillan furthers his point by saying, "If people lack autonomy, then their dealings are not, by this definition, market dealings.  Both the buyer and the seller are separate from each other and have the ability to accept, veto, or barter to achieve their desired outcome.  Another key characteristic McMillan addresses is competition.  McMillan points out, "Competition curbs any individual participant's power."  Competition levels the playing field and helps to create autonomy.

2. I have observed a lot of people who believe that market are the font of liberty and prosperity.  I have also been exposed to people with negative opinions about markets, who believe that markets are a source of exploitation and poverty.  I think that some people might have a feeling of distrust towards markets because of the competition it creates.  Because of this high competition, companies do whatever it takes to either produce the best product or the highest quantity of a product.  With this comes costs.  Sometimes a company may be to focused on being the best or producing the most that they don't care about the welfare of their workers or don't create a safe, quality product.  It is also a fear that people who are "left out" of this market or is left behind because of competition will be left with nothing and no government support.  Some people may distrust government control because they think that government is going to make it so that companies can't make big profits if they deserve to make big profits.  I am still in the learning process and still trying to figure out whether I lean towards a market economy or government involvement.  I tend to think that a market is beneficial with government regulations put in place to ensure consumer and employee safety.  I also think it is important for the government to create ways for start up companies or struggling people to get back on their feet and avoid suffering because of lack of money.

3. McMillan uses folk football as an analogy for a completely lawless market and claims that modern markets are governed by rules just like modern sports.  I think this analogy is a great one.  As I mentioned in part 2, I think that rules are necessary in order to create a positive market economy environment.  One specific rule I find important for modern markets is minimum wage laws and employee welfare laws in general.  It is crucial that employees are protected because if they weren't competition could result in extremely low wages, poor working environments, and lack of employee benefits.  Another rule I find important is product quality and safety regulations.  Especially in the food industry, it is important that this is monitored in order to ensure health and maintain that companies are being honest about their products.  These are just a few of the many rules that are important in a market economy.