 The relationship between the market and the state has traditionally been understood as a three-layered scheme, roughly as outlined in sections 4.1 and 4.2: 1) the state secures property rights and other preconditions of markets; 2) markets take place within this framework and deliver efficient outcomes; 3) the state corrects market failures and deal with other problems through complementary institutions such as the welfare state. This model is presupposed in many debates about markets. But there are reasons to think that it is insufficient, both descriptively and normatively, for capturing today’s realities.