Books published by Institute of Economic Affairs

There have been many attempts to build a socialist society, from the Soviet Union to Maoist China to Venezuela. All of them have ended in failure. But, according to socialism's adherents, that is only because none of these experiments were "real socialism". This book documents the history of this response.

"Socialism" has particular appeal to intellectuals - the teachers, journalists and other commentators who pass comment on public policy without any special expertise on economic matters. This work explains the enduring appeal of socialist ideas.

School of Thought - 101 Great Liberal Thinkers profiles the lives and ideas of some of the leading thinkers on individual liberty - from ancient times to the present day.

This volume of essays examines the empirical evidence on school choice in different countries across Europe, North America, sub-Saharan Africa and South Asia.

This book examines the measure of money and, in that light, the actions of the Bank of England in the lead up to the 2008 financial crisis and its aftermath.

Ayn Rand: An Introduction illuminates Rand's importance, detailing her understanding of reality and human nature, and explores the ongoing fascination with and debates about her conclusions on knowledge, morality, politics, economics, government, public issues, aesthetics and literature.

The author's witty and informed analysis of events provides an ideal introduction to important ideas for anybody interested in how the modern economy works.

This book shows how a system of private banks without a central bank can bring about financial stability through self-regulation. If one bank stretches credit too far, it will be reined in by the others before the system as a whole gets out of control.

Eating sugary food, drinking alcohol and smoking are legal. But politicians still use laws to discourage them. What can justify such paternalism? 'Killjoys' reviews the justifications that have been offered: from the idea that people are irrational to the idea that they are compelled by advertising to harm themselves.

The book draws on a wealth of international evidence to develop a vision for a new and better universal healthcare system for the UK based on consumer sovereignty, freedom of choice, competition and pluralism.

After decades of mismanagement under the Common Fisheries Policy, Brexit represents a major opportunity to adopt an economically rational approach that benefits the fishing industry, taxpayers and consumers.

This book combines a history of employment laws with analysis of the troublesome effects of various interventions. The author argues for a fundamental rethink. Some basic labour market regulation may still be necessary, but less than we currently have.

The authors challenge the assumption that we can bring about economic development and promote liberal democracies through direct foreign intervention - whether economic or military intervention. The lead author, William Easterly, drawing on his wide experience at the World Bank and as an academic, is a renowned sceptic of intervention.

This book provides an analysis of the role that international institutions should play in the economic life of a free society, in the context of Britain's relationship with the EU.

The authors writing here demonstrate that Islam is not only compatible with liberalism, but is inherently liberal.This book provides ammunition to those who wish to battle the claim that Islam and freedom are incompatible.

This book provides a timely discussion of public service broadcasting and the future of the BBC. It is a blueprint for how the BBC could be freed from the shackles of the state to become a major player on the world media stage. It deserves attention from those with an interest in the BBC and broadcasting.

These essays consider the key contributions of Nobel Prize-winning economist Ronald Coase, who showed that the size and structure of firms, and the location of the border between internal exchange within the firm and external exchange through markets, are systematically related to the costs of transactions.

John Taylor is one of the foremost economists of our generation.This book presents Taylor's view of the financial crisis and its aftermath.

This book demonstrates why economists do not like price controls and shows why they are widely regarded as being amongst the most damaging political interventions in markets.

This book proposes that the UK should develop a federal structure of government with only a small number of functions such as defence and border control being determined at the UK level. All other functions would be the ultimate responsibility of individual nations within the UK.

During 2013-14, the IEA ran a competition ('BREXIT') to find the best blueprint for Britain outside the EU, with the objective of securing a free and prosperous economy should it choose to leave. This book brings together Iain Mansfield's winning submission with edited versions of three other contributions.

It is clear that many of the desirable features of Scandinavian societies, such as low income inequality, low levels of poverty and high levels of economic growth predated the development of the welfare state. These and other indicators began to deteriorate after the expansion of the welfare state and the increase in taxes to fund it.

This book outlines the principles that define a free society. It provides an introduction to the institutions and policies necessary to preserve and enhance individual freedom including: small government, the rule of law, strong private property rights and free trade - enabling entrepreneurship to thrive.

The subject of advertising is often treated with indifference by economists and disdain by the public. Indeed, from time-to-time, there have been calls to ban advertising. Though there has been no general ban, advertising has been prohibited in some sectors and further regulation in this field is continually being considered. Given the importance of advertising in political discussion and the lack of evidence regarding its role and effectiveness, Ralph Harris and Arthur Seldon published Advertising in a Free Society in the late 1950s. This seminal work provided a dispassionate and serious analysis of the subject. It concluded that advertising played a positive role in communicating information and building brand loyalty. Interestingly, some of the most dishonest forms of promotion came from politicians. Christopher Snowdon has skillfully abridged Harris and Seldon's work whilst adding important modern insights. Perhaps the most important of these is his critique of the claim that advertising coerces people into acting against their best interests. He also finds that the modern economic literature largely supports Harris and Seldon's view that advertising facilitates competition and lowers prices. This new study is an important work for all interested in public policy as well as for those studying marketing in business schools or as part of a professional qualification.

Kevin Dowd argues that states must allow a level playing field as far as private money is concerned. For too long the government has stifled competition between state-backed and private currencies. Instead, central banks should welcome competition as it forces them to offer consumers greater choice and improved quality. A weakened ability to store value, growing restrictions on finance, oppressive taxes and a lack of financial privacy have resulted in growing frustration at state controlled money. The superior nature of private currencies combined with the financial freedom they offer has led to their increasing attraction. Bitcoin enables its owners, among other things, to protect their wealth, make investments free from government control and retain a level of privacy, making it increasingly attractive. The price of Bitcoin rose from 3 cents in April 2010 when first traded, to over $900 in January 2014. The relationship between restrictions on individual freedom and demand for private money is also identified in the paper. The increasing constraints on personal freedom have led to private money becoming more and more popular as it enables people to do what would otherwise be illegal. The market for private monies will continue to thrive as long as states restrict and prohibit various forms of commerce.

From crisis to confidence not only describes the process through which the economy must go through before a full recovery after the financial crash, it also describes the journey that must be travelled by the discipline of economics.

The EU has also only been partially successful in promoting liberalisation and competition in electricity markets and the time is ripe for change. The author shows how the EU must learn the lessons from the UK's successful recent past - and the UK must re-learn them.