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Can Markets Be Moral?

  • Virgil Henry Storr
  • Ginny Seung Choi
Chapter

Abstract

Most scholars accept that people are materially better off in market societies, and that people are materially worse off in nonmarket societies. However, there is a debate among the critics, defenders, and students of commercial life concerning whether or not the wealth that societies gain by embracing markets comes at a high moral cost. This chapter argues that it is important to answer the question of whether or not engaging in market activities is morally corrupting. As such, we ask and answer the question: Do markets corrupt our morals? Are markets moral spaces that depend on and cultivate our morality or are markets immoral spaces where vice thrives and is encouraged? Is virtue endogenous to markets?

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Virgil Henry Storr
    • 1
  • Ginny Seung Choi
    • 2
  1. 1.Department of EconomicsGeorge Mason UniversityFairfaxUSA
  2. 2.The Mercatus Center at George Mason UniversityArlingtonUSA

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