The Moral Consequences of Well-Functioning Markets
The Moral Consequences of Well-Functioning Markets
This chapter argues that markets are morally valuable for three inter-related reasons. First, markets inculcate certain virtues that support liberal societies. Successful commerce requires seeing the world from a customer's point of view, a process that tends to make people into better citizens. Second, markets provide a framework for productive cooperation without requiring deep moral or political agreement or tribal solidarity. Finally, markets generate wealth, which can have an ameliorative effect on a host of social ills and is the precondition of much of what is desireable in modernity.
Keywords: moral value of markets, markets, virtue, wealth, pluralism
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