|Abstract||Is the modern large publicly traded business corporation compatible with a truly free market? The question itself may seem strange, even silly. Corporations are primary actors in what the media refer to as ‘the market economy’. Also, when the media refer to ‘the market’, they as often as not mean the stock exchange, which is the place where the shares of large corporations are traded. Moreover, during the age of socialist ascendancy, many defenders of the free market have felt themselves moved to defend the corporation against socialist or ‘liberal’ attacks. Many genuine advocates of the free market even appear willing to make the stronger claim that a defence of the free market requires a defence of the corporation. In their view, defending the corporate form of business organisation is an essential part of the argument for the free market. Prima facie, there seems to be a strong case for saying that the large ‘publicly traded’ corporation is compatible with the requirements of the free market. Nevertheless, I believe classical liberals and libertarians have good reasons to question that view. First, what the media say is not always accurate even on the count of reporting facts, which supposedly is their core business. Conceptual analysis is not their forte. They do not have much consideration for the theoretical contexts from which terms such as ‘free market’ derive their significance or for the requirements of consistency in their use of such ‘theory laden’ terms. The stock exchange is a market of sorts, but it is not ‘the market’. In any case, the stock exchanges with which the media are familiar are not really free but rather heavily regulated markets. Second, socialist critiques of the corporation often were presented as critiques of free market capitalism and merited a vigorous response from the latter’s defenders..|
|Keywords||No keywords specified (fix it)|
|Through your library||Only published papers are available at libraries|
Similar books and articles
Serena Olsaretti (2004). Liberty, Desert and the Market: A Philosophical Study. Cambridge University Press.
Allan Walstad (2001). On Science as a Free Market. Perspectives on Science 9 (3):324-340.
Edward J. Romar (2009). Noble Markets: The Noble/Slave Ethic in Hayek's Free Market Capitalism. Journal of Business Ethics 85 (1):57 - 66.
Nicholas Capaldi (2005). The Ethics and Economics of Health Care. Journal of Medicine and Philosophy 30 (6):571 – 578.
Joan McGregor (1988). Bargaining Advantages and Coercion in the Market. Philosophy Research Archives 14:23-50.
Uskali Mäki (1999). Science as a Free Market: A Reflexivity Test in an Economics of Economics. Perspectives on Science 7 (4).
Lawrence Souder (2010). A Free-Market Model for Media Ethics: Adam Smith's Looking Glass. Journal of Mass Media Ethics 25 (1):53 – 64.
Alistair MacLeod (2000). Human Dignity, Individual Liberty, And the Free Market Ideal. Social Philosophy Today 16:113-123.
Added to index2009-02-15
Total downloads11 ( #99,484 of 549,065 )
Recent downloads (6 months)1 ( #63,185 of 549,065 )
How can I increase my downloads?