Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus “marketcraft” represents a core function of government comparable to statecraft. This talk builds upon the recognition that all markets are crafted, and then explores the profound implications of this simple observation for analysis and policy. For progressives, the core lesson is that since markets are always governed, then the government can address a wide range of social goals by reforming that governance. For market liberals, the lesson is that if you appreciate the magic of markets, then you should want them to be governed well.