Moralizing markets

Critical Review 8 (3):341-357 (1994)
The Austrian school tends to associate the morality of the market with its efficient operation. Consequently, it criticizes attempts to offer an ethical evaluation of the market for not understanding how the market works. This criticism proves correct with regard to those who would seek to run an economy according to a set of predetermined moral criteria, such as socialist advocates of central planning or Victorian moralists who regarded the market as the embodiment of the desert ethic. However, if the market trades on moral resources it does not create, this may justify placing it within a more substantive moral framework that establishes its ethical basis and limits.
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DOI 10.1080/08913819408443342
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John Rawls (1993). Political Liberalism. Columbia University Press.
Onora O'Neill (1985). Between Consenting Adults. Philosophy and Public Affairs 14 (3):252-277.

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