The Moral Ecology of Markets: Assessing Claims about Markets and Justice

by Daniel K. Finn

Disagreements about the morality of markets, and about self-interested behavior within markets, run deep. They arise from perspectives within economics and political philosophy that appear to have nothing in common. In this book, Daniel Finn provides a framework for understanding these conflicting points of view. Recounting the arguments for and against markets and self-interest, he argues that every economy must address four fundamental problems: allocation, distribution, scale, and the quality of relations. In addition, every perspective on the morality of markets addresses explicitly or implicitly the economic, political, and cultural contexts of markets, or what Finn terms 'the moral ecology of markets'. His book enables a dialogue among the various participants in the debate over justice in markets. In this process, Finn engages with major figures in political philosophy, including John Rawls, Robert Nozick, and Michael Walzer, as well as in economics, notably Milton Friedman, Friedrich Hayek, and James Buchannan.

Genres: Economics, Philosophy

182 pages, Paperback

First published January 1, 2006

Reviews

[Scott Ford · Rating 5 out of 5]

Daniel Finn persuasively argues against Libertarian perspectives that downplay moral considerations regarding market systems. Specifically addressing the work of Hayek, Friedman, Buchannan, and Nozick, Daniel Finn convincingly demonstrates how the philosophies of these noted individuals fall apart under the weight of their own perspectives when considering the economic justification of the pursuit of self-interest. The question according to Finn is not whether or not markets are just, but rather under what conditions are markets capable of just outcomes. Within this conversation more productively dialogue is possible.