Markets Are Moral Spaces

  • Virgil Henry Storr
  • Ginny Seung Choi


This chapter argues that markets function better when participants are virtuous, although markets could function without especially virtuous actors. Additionally, we show that market participants tend to be virtuous. Deirdre McCloskey has forcefully and convincingly made the same point that markets are compatible with and depend on virtuous behavior. The bourgeois virtues are both bourgeois (i.e. born of markets) and virtuous (i.e. exhibiting the very virtues we have long admired). Beyond exhibiting the seven virtues that McCloskey highlighted (love, faith, hope, courage, temperance, prudence, and justice), we show that people in market societies tend to be more altruistic, are less likely to be materialistic and corrupt, and are more likely to be cosmopolitan as well as trusting and trustworthy.


  1. Abad-Santos, A. 2018. Why the Social Media Boycott Over Colin Kaepernick Is a Win for Nike. Vox, September 6.
  2. Abderholden, F.S. 2017. Dairy Queen Ending Franchise Agreement with Zion Store After Racial Slur Incident. Chicago Tribune, January 7.
  3. Abrams, R. 2018. Starbucks to Close 8,000 U.S. Stores for Racial-Bias Training After Arrests. The New York Times, April 17.
  4. Aghion, P., Y. Algan, P. Cahuc, and A. Schleifer. 2010. Regulation and Distrust. The Quarterly Journal of Economics 125 (3): 1015–1049.CrossRefGoogle Scholar
  5. Akerlof, G.A. 1970. The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics 84 (3): 488–500.CrossRefGoogle Scholar
  6. Al Jazeera. 2018. Hong Kong Actor Chow Yun-fat Vows to Donate His Entire Fortune. December 24.
  7. Algan, Y., and P. Cahuc. 2010. Inherited Trust and Growth. American Economic Review 100 (5): 2060–2092.CrossRefGoogle Scholar
  8. Al-Ubaydli, O., D. Houser, J. Nye, M.P. Paganelli, S.X. Pan, and F. Krueger. 2013. The Causal Effect of Market Priming on Trust: An Experimental Investigation Using Randomized Control. PLoS One 8 (3): e55968.CrossRefGoogle Scholar
  9. Andreoni, J. 1995. Cooperation in Public-Goods Experiments: Kindness or Confusion? American Economic Review 85 (4): 891–904.Google Scholar
  10. Aquinas, T. [1485] 1918. Summa Theologica. Translated by the English Dominican Province. London: Burns, Oates & Washbourne.Google Scholar
  11. Aristotle. [340 BC] 1984, 2013. Nicomachean Ethics. Translated by Robert Bartlett and Susan Collins. Chicago and London: University of Chicago Press.Google Scholar
  12. Armah, A.K. [1968] 1988. The Beautyful Ones Are Not Yet Born. Johannesburg: Heinemann.Google Scholar
  13. Arrow, K.J. 1972. Gifts and Exchanges. Philosophy & Public Affairs 1 (4): 343–362.Google Scholar
  14. Banfield, E. 1958. The Moral Basis of a Backward Society. New York: Free Press.Google Scholar
  15. Bates, J. 2018. IHOP Apologizes for Waitress Who Asked Group of Black Teens to Pay Upfront. ABC News, March 18.
  16. Becker, G.S. 1962. Irrational Behavior and Economic Theory. Journal of Political Economy 70 (1): 1–13.CrossRefGoogle Scholar
  17. ———. [1957] 1971. The Economics of Discrimination: An Economic View of Racial Discrimination. Chicago and London: University of Chicago Press.Google Scholar
  18. Berggren, N., and H. Jordahl. 2006. Free to Trust: Economics Freedom and Social Capital. Kyklos 59 (2): 141–169.CrossRefGoogle Scholar
  19. Berggren, N., and T. Nilsson. 2013. Does Economic Freedom Foster Tolerance? Kyklos 66 (2): 177–207.CrossRefGoogle Scholar
  20. Bicchieri, C. 2006. The Grammar of Society: The Nature and Dynamics of Social Norms. Cambridge: Cambridge University Press.Google Scholar
  21. Bicchieri, C., and E. Xiao. 2009. Do the Right Thing: But Only If Others Do So. Journal of Behavioral Decision Making 22 (2): 191–208.CrossRefGoogle Scholar
  22. Bill & Melinda Gates Foundation. 2018. Foundation Fact Sheet.
  23. Boettke, P.J. 2007. Deirdre McCloskey’s the Bourgeois Virtues: Ethics for an Age of Commerce. Economic Affairs 27 (1): 83–85.CrossRefGoogle Scholar
  24. Boren, C. 2014. Clippers Owner Donald Sterling Banned for Life from NBA. The Washington Post, April 29.
  25. Boyle, R., and L.W. Kelly. 2012. The Television Entrepreneurs: Social Change and Public Understanding of Business. London/New York: Routledge.Google Scholar
  26. Boyle, R., and M. Magor. 2008. A Nation of Entrepreneurs? Television, Social Change and the Rise of the Entrepreneur. International Journal of Media & Cultural Politics 4 (2): 125–144.CrossRefGoogle Scholar
  27. Bloom, H. 1998. Shakespeare: The Invention of the Human. New York: The Berkley Publishing Group.Google Scholar
  28. Callon, M., and F. Muniesa. 2005. Peripheral Vision: Economic Markets as Calculative Collective Devices. Organization Studies 26 (8): 1229–1250.CrossRefGoogle Scholar
  29. Carden, A., and L. Verdon. 2010. When Is Corruption a Substitute for Economic Freedom? The Law and Development Review 3 (1): 40–63.CrossRefGoogle Scholar
  30. Carlyle, T. [1843] 2014. In The Selected Works of Thomas Carlyle, ed. F.R. Ludovico. Bibliotheca Cakravarti Foundation.Google Scholar
  31. Carnegie, A. [1889] 2006. In The “Gospel of Wealth” Essays and Other Writings, ed. D. Nasaw. New York: Penguin.Google Scholar
  32. Chafuen, A., and E. Guzmàn. 2000. Economic Freedom and Corruption. In 2000 Index of Economic Freedom, ed. G. O’Driscoll, K. Holmes, and M. Kirkpatrick, 51–63. Washington, DC: The Heritage Foundation.Google Scholar
  33. Charities Aid Foundation. 2016. CAF World Giving Index: A Global View of Giving Trends.
  34. Charity Aid Foundation. 2017. CAF World Giving Index 2017: A Global View of Giving Trends.
  35. Charles, K.K., and J. Guryan. 2007. Prejudice and The Economics of Discrimination. NBER Working Paper, no. 13661.Google Scholar
  36. ———. 2008. Prejudice and Wages: An Empirical Assessment of Becker’s The Economics of Discrimination. Journal of Political Economy 116 (5): 773–809.CrossRefGoogle Scholar
  37. Choi, S.G., and V.H. Storr. 2017. Markets as Moral Training Grounds. In Annual Proceedings of the Wealth and Well-Being of Nations Volume IX, ed. W. Palmer. Wisconsin: Beloit College Press.Google Scholar
  38. Conlin, M., M. Lynn, and T. O’Donoghue. 2003. The Norm of Restaurant Tipping. Journal of Economic Behavior & Organization 52 (3): 297–321.CrossRefGoogle Scholar
  39. Dahlgreen, W. 2016. Shakespeare 400 Years on: Every Play Ranked by Popularity. YouGov, April 22.
  40. Davidson, J. 2015. The 10 Richest People of All Time. Money, July 30.
  41. Ellis, L., K.M. Beaver, and J. Wright. 2009. Handbook of Crime Correlates. Amsterdam: Academic Press.Google Scholar
  42. Ensminger, J. 2004. Market Integration and Fairness: Evidence from Ultimatum Dictator, and Public Good Experiments in East Africa. In Foundations of Human Sociality: Economic Experiments and Ethnographic Evidence from Fifteen Small-Scale Societies, ed. J. Henrich, R. Boyd, S. Bowles, C. Camerer, E. Fehr, and H. Gintis, 356–382. Oxford: Oxford University Press.CrossRefGoogle Scholar
  43. Fehr, E., and J.A. List. 2004. The Hidden Costs and Returns of Incentives—Trust and Trustworthiness Among CEOs. Journal of the European Economic Association 2 (5): 743–771.CrossRefGoogle Scholar
  44. Fehr, E., and U. Fischbacher. 2004a. Social Norms and Human Cooperation. Trends in Cognitive Sciences 8 (4): 185–190.CrossRefGoogle Scholar
  45. ———. 2004b. Third-party Punishment and Social Norms. Evolution and Human Behavior 25 (2): 63–87.CrossRefGoogle Scholar
  46. Fehr, E., and S. Gächter. 1999. Collective Action as a Social Exchange. Journal of Economic Behavior & Organization 39 (4): 341–369.CrossRefGoogle Scholar
  47. Ferguson, N. 2008. The Money-lender’s Plight. National Post, December 10.
  48. Fike, R. 2018. Impact of Economic Freedom and Women’s Well-Being. Vancouver: Fraser Institute.Google Scholar
  49. Fischbacher, U., S. Gächter, and E. Fehr. 2001. Are People Conditionally Cooperative? Evidence from a Public Goods Experiment. Economics Letters 71 (3): 397–404.CrossRefGoogle Scholar
  50. Forsythe, R., F.D. Nelson, G.R. Neumann, and J. Wright. 1992. Anatomy of an Experimental Political Stock Market. American Economic Review 82: 1142–1161.Google Scholar
  51. Forsythe, R., T.A. Rietz, and T.W. Ross. 1999. Wishes, Expectations and Actions: A Survey on Price Formation in Election Stock Markets. Journal of Economic Behavior & Organization 39 (1): 83–110.CrossRefGoogle Scholar
  52. Freedman, L. 2009. The Narrative of Consumption: Greed and Literature. In Greed, ed. A. Brassey and S. Barber, 170–187. London: Palgrave Macmillan.CrossRefGoogle Scholar
  53. Friedman, D., and D. McNeill. 2013. Morals and Markets: The Dangerous Balance. New York: Springer.CrossRefGoogle Scholar
  54. Fukuyama, F. 1995. Trust: The Social Virtues and the Creation of Prosperity. New York: Free Press Paperbacks.Google Scholar
  55. Gode, D.K., and S. Sunder. 1993. Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality. Journal of Political Economy 101 (1): 119–137.CrossRefGoogle Scholar
  56. Goel, R.K., and M.A. Nelson. 2005. Economic Freedom Versus Political Freedom: Cross-Country Influences on Corruption. Australian Economic Papers 44 (2): 121–133.CrossRefGoogle Scholar
  57. Graeff, P., and G. Mehlkop. 2003. The Impact of Economic Freedom on Corruption: Different Patterns for Rich and Poor Countries. European Journal of Political Economy 19 (3): 605–620.CrossRefGoogle Scholar
  58. Griswold, C.L., Jr. 1999. Adam Smith and the Virtues of Enlightenment. Cambridge: Cambridge University Press.Google Scholar
  59. Gross, N. 1975. Economic History of the Jews. New York: Schocken Books.Google Scholar
  60. Gross, J. 1993. THEATER; Shylock and Nazi Propaganda. The New York Times, April 4.
  61. Guiso, L., P. Sapienza, and L. Zingales. 2004. The Role of Social Capital in Financial Development. American Economic Review 94 (3): 526–556.CrossRefGoogle Scholar
  62. ———. 2009. Cultural Biases in Economic Exchange? The Quarterly Journal of Economics 124 (3): 1095–1131.CrossRefGoogle Scholar
  63. Güliz, G., and R.W. Belk. 1996. Cross-cultural Differences in Materialism. Journal of Economic Psychology 17 (1): 55–77.CrossRefGoogle Scholar
  64. Hanley, R.P. 2009. Adam Smith and the Character of Virtue. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  65. Hartman, K.B. 2006. Television and Movie Representations of Salespeople: Beyond Willy Loman. The Journal of Personal Selling & Sales Management 26 (3): 283–292.CrossRefGoogle Scholar
  66. Hayek, F.A. 1942. Scientism and the Study of Society. Part I. Economica 9 (35): 267–291.CrossRefGoogle Scholar
  67. Henrich, J., R. Boyd, S. Bowles, C. Camerer, E. Fehr, H. Gintis, and R. McElreath. 2001. In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale Societies. American Economic Review 91 (2): 73–78.CrossRefGoogle Scholar
  68. Henrich, J., R. Boyd, S. Bowles, C. Camerer, E. Fehr, and H. Gintis. 2004. Foundations of Human Sociality: Economics Experiments and Ethnographic Evidence from Fifteen Small Scale Societies. Oxford: Oxford University Press.CrossRefGoogle Scholar
  69. Henrich, J., R. Boyd, S. Bowles, C. Camerer, E. Fehr, H. Gintis, R. McElreath, M. Alvard, A. Barr, J. Ensminger, N.S. Henrich, K. Hill, F. Gil-White, M. Gurven, F.W. Marlowe, J.Q. Patton, and D. Tracer. 2005. ‘Economic Man’ in Cross-cultural Perspective: Behavior Experiments in 15 Small Scale Societies. Behavioral and Brain Sciences 25 (6): 795–855.CrossRefGoogle Scholar
  70. Herrmann, B., C. Thöni, and S. Gächter. 2008. Antisocial Punishment Across Societies. Science 319 (5868): 1362–1367.CrossRefGoogle Scholar
  71. Herz, H., and D. Taubinsky. 2017. What Makes a Price Fair? An Experimental Study of Transaction Experience and Endogenous Fairness Views. Journal of the European Economic Association 16 (2): 316–352.CrossRefGoogle Scholar
  72. Higgins, T. 2017. George Soros Just Gave Almost 80 Percent of His Wealth to His Charity. CNBC, October 17.
  73. Hsu, T. 2019. Gillette Ad With a #MeToo Edge Attracts Support and Outrage. The New York Times, January 15.
  74. Ikeda, S. 2018. The Nature and Limits of Gary Becker’s Theory of Racial Discrimination. The Review of Austrian Economics 31 (4): 403–417.CrossRefGoogle Scholar
  75. Inglehart, R., C. Haerpfer, A. Moreno, C. Welzel, K. Kizilova, J. Diez-Medrano, M. Lagos, P. Norris, E. Ponarin, B. Puranen, et al., eds. 2014. World Values Survey: Round Six-Country-Pooled Datafile Version. Madrid: JD Systems. Scholar
  76. Ingram, P., and P.W. Roberts. 2000. Friendships Among Competitors in the Sydney Hotel Industry. American Journal of Sociology 106 (2): 387–423.CrossRefGoogle Scholar
  77. Johnson, N.D., and A.A. Mislin. 2011. Trust Games: A Meta-analysis. Journal of Economic Psychology 32: 865–889.CrossRefGoogle Scholar
  78. Kincaid, J. 1988. A Small Place. New York: Farrar Straus and Giroux.Google Scholar
  79. Kirzner, I.M. 1999. Creativity and/or Alertness: A Reconsideration of the Schumpeterian Entrepreneur. The Review of Austrian Economics 11 (1–2): 5–17.CrossRefGoogle Scholar
  80. Knack, S., and P. Keefer. 1997. Does Social Capital Have an Economic Payoff? A Cross-Country Investigation. The Quarterly Journal of Economics 112 (4): 1251–1288.CrossRefGoogle Scholar
  81. Koblin, J. 2018. After Racist Tweet, Roseanne Barr’s Show Is Canceled by ABC. New York Times, May 29.
  82. Krupka, E., and R.A. Weber. 2009. The Focusing and Informational Effects of Norms on Pro-social Behavior. Journal of Economic Psychology 30 (3): 307–320.CrossRefGoogle Scholar
  83. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R.W. Vishny. 1997. Trust in Large Organizations. American Economic Review 87 (2): 333–338.Google Scholar
  84. Lamming, G. 1970. In the Castle of My Skin. Ann Arbor: University of Michigan Press.Google Scholar
  85. Langrill, R., and V.H. Storr. 2012. The Moral Meaning of Markets. Journal of Markets and Morality 15 (2): 347–362.Google Scholar
  86. Lavoie, D., and E. Chamlee-Wright. 2000. Culture and Enterprise: The Development, Representation and Morality of Business. London/New York: Routledge.Google Scholar
  87. Lichter, S.F., L.S. Lichter, and S. Rothman. 1991. Watching America. Upper Saddle River: Prentice Hall.Google Scholar
  88. Lichter, S.F., L.S. Lichter, and A. Amundson. 1997. Does Hollywood Hate Business or Money? Journal of Communication 47 (1): 68–84.CrossRefGoogle Scholar
  89. Llosa, M.V. 2008. The War of the End of the World. London: Macmillan.Google Scholar
  90. Mandeville, B. [1714, 1732] 1988. The Fable of the Bees or Private Vices, Publick Benefits. With Commentary by F.B. Kaye. Indianapolis: Liberty Fund.Google Scholar
  91. Marshall, R. 1974. The Economics of Racial Discrimination: A Survey. Journal of Economic Literature 12 (3): 849–871.Google Scholar
  92. Martin, N., and V.H. Storr. 2012. Talk Changes Things: The Implications of McCloskey’s Bourgeois Dignity for Historical Inquiry. The Journal of Socio-Economics 41 (6): 787–791.CrossRefGoogle Scholar
  93. Marx, K. [1821] 1994. Karl Marx: Selected Writings, ed. L.H. Simon. Indianapolis: Hackett Publishing.Google Scholar
  94. McCloskey, D.N. 1998. Bourgeois Virtues and the History of P and S. The Journal of Economic History 58 (2): 297–317.CrossRefGoogle Scholar
  95. ———. 2003. Why Economists Should Not Be Ashamed of Being the Philosophers of Prudence. Eastern Economic Journal 28: 551–556.Google Scholar
  96. ———. 2006. The Bourgeois Virtues: Ethics for an Age of Commerce. Chicago: University of Chicago Press.CrossRefGoogle Scholar
  97. ———. 2010. Bourgeois Dignity: Why Economics Can’t Explain the Modern World. Chicago: University of Chicago Press.CrossRefGoogle Scholar
  98. ———. 2016. Bourgeois Equality: How Ideas, Not Capital or Institutions, Enriched the World. Chicago: University of Chicago Press.Google Scholar
  99. Mehta, J., C. Starmer, and R. Sugden. 1994. The Nature of Salience: An Experimental Investigation of Pure Coordination Games. American Economic Review 84 (3): 658–673.Google Scholar
  100. Mises, L. [1920] 1935. Economic Calculation in the Socialist Commonwealth. In Collectivist Economic Planning: Critical Studies on the Possibilities of Socialism by N.G. Pierson, Ludwig von Mises, Gerog Halm, and Enrico Barone, ed. F.A. Hayek, 87–130. London: Routledge & Kegan Paul Ltd.Google Scholar
  101. Misztal, B. 1996. Trust in Modern Societies: The Search for the Bases of Social Order. Cambridge: Polity Press.Google Scholar
  102. Mueller, J. 1999. Capitalism, Democracy, and Ralph’s Pretty Good Grocer. Princeton: Princeton University Press.Google Scholar
  103. Murphy, N. 2019. Gillette Advert Against ‘Toxic Masculinity’ Faces Backlash for ‘Attacking Men’. The Mirror, January 15.
  104. Naughton, M. 2017. Practical Wisdom as the Sine Qua Non Virtue for the Business Leader. In Handbook of Virtue Ethics in Business and Management, ed. A.J.G. Sison, G.R. Beabout, and I. Ferrero. Amsterdam: Springer Netherlands.Google Scholar
  105. Nelson, D.M. 1992. The Priority of Prudence: Virtue and Natural Law in Thomas Aquinas and the Implications for Modern Ethics. University Park: Pennsylvania State University Press.Google Scholar
  106. Neumayer, E., and I. De Soysa. 2007. Globalisation, Women’s Economic Rights and Forced Labour. The World Economy 30 (10): 1510–1535.CrossRefGoogle Scholar
  107. ———. 2011. Globalization and the Empowerment of Women: An Analysis of Spatial Dependence Via Trade and Foreign Direct Investment. The World Development 39 (7): 1065–1075.CrossRefGoogle Scholar
  108. Oliven, K., and T.A. Rietz. 2004. Suckers Are Born but Markets Are Made: Individual Rationality, Arbitrage, and Market Efficiency on an Electronic Futures Market. Management Science 50 (3): 336–351.CrossRefGoogle Scholar
  109. Page, R.A., S.K. Andoh, and R.A. Smith. 2017. Classical Literature Gives Life to Business Paradox and Systems Integration. Administrative Issues Journal 7 (2): 23–46.CrossRefGoogle Scholar
  110. Paldam, M. 2002. The Cross-country Pattern of Corruption: Economics, Culture and the Seesaw Dynamics. European Journal of Political Economy 18 (2): 215–240.CrossRefGoogle Scholar
  111. Plato. [350 BC] 1997. Plato: Complete Works. Translated by J.M. Cooper and D. S. Hutchinson, ed. Indianapolis: Hackett Publishing.Google Scholar
  112. Putnam, R.D. 1993. Making Democracy Work: Civic Traditions in Modern Italy. Princeton: Princeton University Press.Google Scholar
  113. ———. 2000. Bowling Alone: The Collapse and Revival of American Community. New York/Philadelphia: Simon and Schuster.Google Scholar
  114. Ratnapala, S. 2003. Moral Capital and Commercial Society. The Independent Review 8 (2): 213–233.Google Scholar
  115. Russell, D.C. 2009. Practical Intelligence and the Virtues. Oxford: Oxford University Press.CrossRefGoogle Scholar
  116. Sandel, M.J. 2012. What Money Can’t Buy: The Moral Limits of Markets. London: Macmillan.Google Scholar
  117. Schumpeter, J.A. [1911] 1983. The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. New Brunswick: Transaction Publishers.Google Scholar
  118. Scott, R. 2015. Which Companies Match Gifts Most? Forbes, May 21.
  119. Scott, E. 2018. The Most Powerful Brand in Sports Follows the Most Powerful Man in the World into the Anthem Protest Debate. The Washington Post, September 4.
  120. Sen, A. 1986. Adam Smith’s Prudence. In Theory and Reality in Development, ed. S. Lall and F. Stewart, 28–37. London: Palgrave Macmillan.CrossRefGoogle Scholar
  121. Shakespeare, W. [1564–1616] 1994. The Merchant of Venice. London: Pearson Longman.Google Scholar
  122. Shang, J., and R. Croson. 2006. The Impact of Social Comparisons on Nonprofit Fund Raising. In Experiments Investigating Fundraising and Charitable Contributors, ed. R.M. Isaac and D.D. David, 143–156. Bingley: Emerald Group Publishing Limited.CrossRefGoogle Scholar
  123. Shen, C., and J.B. Williamson. 2005. Corruption, Democracy, Economic Freedom, and State Strength: A Cross-national Analysis. International Journal of Comparative Sociology 46 (4): 327–345.CrossRefGoogle Scholar
  124. Shleifer, A., and R.W. Vishny. 1993. Corruption. The Quarterly Journal of Economics 108 (3): 599–617.CrossRefGoogle Scholar
  125. Smith, A. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Fund.Google Scholar
  126. ———. [1759] 1982. The Theory of Moral Sentiments. Indianapolis: Liberty Fund.Google Scholar
  127. Solomon, R.C. 1992. Ethics and Excellence: Cooperation and Integrity in Business. Oxford: Oxford University Press.Google Scholar
  128. Storr, V.H. 2008. The Market as a Social Space: On the Meaningful Extraeconomic Conversations That Can Occur in Markets. The Review of Austrian Economics 2 (2–3): 135–150.CrossRefGoogle Scholar
  129. ———. 2009. Why the Market? Markets as Social and Moral Spaces. Journal of Markets and Morality 12 (2): 277–296.Google Scholar
  130. Stroup, M.D. 2008. Separating the Influence of Capitalism and Democracy on Women’s Well-being. Journal of Economic Behavior & Organization 67 (3–4): 560–572.CrossRefGoogle Scholar
  131. ———. 2011. Does Economic Freedom Promote Women’s Well-being? In Economic Freedom of the World: 2011 Annual Report, ed. J.D. Gwartney, R. Lawson, and J.C. Hall. Vancouver: Fraser Institute.Google Scholar
  132. Sugden, R. 1995. A Theory of Focal Points. The Economic Journal 105 (430): 533–550.CrossRefGoogle Scholar
  133. Tabellini, G. 2008. Institutions and Culture. Journal of the European Economic Association 6 (2–3): 255–294.CrossRefGoogle Scholar
  134. Teague, M., R. Fike, and V.H. Storr. 2018. Markets, Money and Materialism. Working Paper.Google Scholar
  135. The New York Times. 1937. Rockefeller Gifts Total $540,853,632. The New York Times, May 24.
  136. The Straits Times. 2018. Chow Yun Fat Vows to Donate Fortune After He Dies. The Strait Times, December 24.
  137. Theberge, L.J., ed. 1981. Crooks, Conmen and Clowns: Businessmen on T.V. Entertainment. Washington, DC: The Media Institute.Google Scholar
  138. Tiffany, K. 2019. Why Gillette’s Toxic Masculinity Ad Is Annoying Both Sexists and Feminists. Vox, January 15.
  139. Tracer, D.P. 2004. Market Integration, Reciprocity, and Fairness in Rural Papua New Guinea: Results from a Two-Village Ultimatum Game Experiment. In Foundations of Human Sociality: Economic Experiments and Ethnographic Evidence from Fifteen Small-Scale Societies, ed. J. Henrich, R. Boyd, S. Bowles, C. Camerer, E. Fehr, and H. Gintis, 232–259. Oxford: Oxford University Press.CrossRefGoogle Scholar
  140. Transparency International. 2011. Corruption Perceptions Index 2011. Berlin: Transparency International. Scholar
  141. Tu, Q., and E. Bulte. 2010. Trust, Market Participation and Economics Outcomes: Evidence from Rural China. World Development 38 (8): 1179–1190.CrossRefGoogle Scholar
  142. U.S. Trust. 2016. 2016 US Trust Insights on Wealth and Worth Survey: Key Findings.
  143. Usbourne, S. 2015. The world’s Most Generous Billionaires: Mark Zuckerberg Isn’t the Only One to Give Away a Large Chunk of His Fortune. Independent, December 2.
  144. Vásquez, I., and T. Porcnik. 2015. The Human Freedom Index: A Global Measurement of Personal, Civil, and Economic Freedom. Vancouver: Fraser Institute.Google Scholar
  145. Viganò, E. 2017a. Adam Smith’s Theory of Prudence Updated with Neuroscientific and Behavioral Evidence. Neuroethics 10 (2): 215–233.CrossRefGoogle Scholar
  146. ———. 2017b. Not Just an Inferior Virtue, nor Self-Interest: Adam Smith on Prudence. Journal of Scottish Philosophy 15 (1): 125–143.CrossRefGoogle Scholar
  147. Wang, A.B., and R. Siegel. 2018. Trump: Nike ‘Getting Absolutely Killed’ with Boycotts Over Colin Kaepernick’s ‘Just Do It’ Campaign. The Washington Post, September 5.
  148. Williams, J. 2004. Entertaining the Nation: A Social History of British Television. Stroud: Sutton Publishing.Google Scholar
  149. Wilson, J.W. 1987. The Truly Disadvantaged: The Inner City, the Underclass, and Public Policy. Chicago: University of Chicago Press.Google Scholar
  150. Yuengert, A. 2012. Approximating Prudence: Aristotelian Practical Wisdom and Economic Models of Choice. London: Palgrave Macmillan.CrossRefGoogle Scholar
  151. Zak, P. 2008. Moral Markets: The Critical Role of Values in the Economy. Princeton: Princeton University Press.Google Scholar
  152. Zak, P., and S. Knack. 2001. Trust and Growth. The Economic Journal 111 (470): 295–321.CrossRefGoogle Scholar

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

Personalised recommendations