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Over the last several years, both parties in the US have been drifting away from laissez-faire thinking about the economy, and more towards the view that the state has an active role in shaping markets. You have Republicans talking about stricter anti-trust and sovereign wealth funds, and of course Democrats embracing things like industrial policy efforts in key strategic sectors. But how do you design markets well? When does it fail? And what is the history of this type of thing in the US. In this episode, we speak with Facebook co-founder-turned-economist Chris Hughes, who has published the new book Marketcrafters: The 100-Year Struggle to Shape the American Economy. In this conversation, recorded at the New York Public Library in April, we talk about his research on the history of marketcraft in the US, and how that study of history informs his understanding of today's economic policymaking. Read more: Markets Plummet as Tariff-War Woes Fuel Exodus From US Assets Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.