"RS: The question is – what is the market? Hayek's answer was: it is a real or virtual place where individuals voluntarily exchange... JG: ...That is right, in principle. And do not get me wrong – I think markets are a good thing, they have created peace, freedom and prosperity. Yet, there is no such thing as "the" market. There are, in fact, always different markets in different countries and cultures. They change in the course of history, through wars, through revolutions and, today, through geopolitical competition."