In Anarchy, State and Utopia, Robert Nozick argues, first, that free-market anarchism is unstable -that it will inevitably lead back to the state; and, second, that without a certain "redistributive" proviso, the model is unjust. If either of these things is the case, the model defeats itself, for its justification purports to be that it provides a morally acceptable alternative to government (and therefore to the state). I argue, against Nozick's contention, that his "dominant protection agency" neither meets (...) his monopoly condition for statehood nor need run afowl of his redistributive requirement. This being the case, his argument against freemarket anarchism fails. (shrink)
Freemarket environmentalists believe that the extension of private property rights and market transactions is sufficient to address environmental difficulties. But there is no invisible hand operating in markets that ensures that environmentally sound practices will be employed just because property rights are in private hands. Also, liability laws and the court systems cannot be relied upon to force polluters to internalize the social costs of pollution. Third, market prices do not provide an objective measure of (...) environmental matters. Finally, there is a right to a livable environment that justifies regulations protecting the public from unreasonable environmental risks. (shrink)
Environmental Ethics is the ethics of how we humans are to relate to each other about the environment we live in. The best way to adjust inevitable differences among us in this respect is by private property. Each person takes the best care of what he owns, and ownership entails the freemarket, which enables people to make mutually advantageous trades with those who might use it even better. Public regulation, by contrast, becomes management in the interests of (...) the regulators, or of special interests, such as lovers of rare species-not the people they're supposed to be serving. (shrink)
Friedrich A. von Hayek influenced many areas of inquiry including economics, psychology and political theory. This article will offer one possible interpretation of the ethical foundation of Hayek’s political and social contributions to libertarianism and freemarket capitalism by analyzing several of his important non-economic publications, primarily The Road to Serfdom, The Fatal Conceit, The Constitution of Liberty and Law, Legislation and Liberty. While Hayek did not offer a particular ethical foundation for freemarket capitalism, he (...) argued consistently that free markets are liberating and, for the markets to be truly free and for individuals to participate freely in markets, they should be subject to little control. Beyond some very basic principles, such as the protection of private property, that enable the freemarket to function properly, individuals are both free to and required to determine their own ethical compass. The central question, then, is what are the ethical principles that underlie Hayek’s view of the successful organization and operation of a freemarket? If formal rules and regulations must be kept to a minimum, then ethical behavior is an individual choice as well as an important foundation for the self-regulating freemarket. This article will argue that one possible ethical foundation underlying Hayek’s libertarian justification for freemarket capitalism are Friedrich Nietzsche’s “will to power” and noble/slave ethics. This article will rely primarily on Nietzsche’s On The Genealogy of Morals, Beyond Good and Evil, Zarathustra, and the Will to Power. (shrink)
These two books address different dimensions of the triumphal rise of freemarket ideas. Thomas Medvetz analyzes the emergence of think tanks as a new organizational form in the United States and explains why they have effectively reduced the influence of most academic intellectuals on policy making. Angus Burgin analyzes the emergence and history of the Mont Pèlerin Society—the freemarket group that was founded by Friedrich Hayek—which had a decisive influence on conservative thought.
This paper develops a psychological and ethical ecofeminist position and then compares ecofeminism to corporate and freemarket capitalism in terms of effects along four scales of well-being: democracy/human rights, environmental health, psychological health, and cruelty toward animals. Using aspects of symbolic interactionism and Antony Weston's self-validating reduction model, it is demonstrated that an ecofeminist belief system tends to promote moral and psychological health whereas the discussed forms of capitalistic thinking militate in the other direction. Ecofeminism is not, (...) however, incompatible with all forms of capitalism, and toward the end of supporting this thesis the rudiments of an ecofeminist capitalism are provided, a capitalism radically divergent from traditional forms yet nevertheless respectful of certain key principles. (shrink)
: One prominent aspect of recent developments in science studies has been the increasing employment of economic concepts and models in the depiction of science, including the notion of a freemarket for scientific ideas. This gives rise to the issue of the adequacy of the conceptual resources of economics for this purpose. This paper suggests an adequacy test by putting a version of freemarket economics to a self-referential scrutiny. The outcome is that either (...)freemarket economics is self-defeating, or else there must be two different concepts of freemarket, one for the ordinary economy, the other for science. Both conclusions will impose limits on the applicability of the ordinary economic concept of the market to the study of science. (shrink)
Libertarians favor a freemarket for intrinsic reasons: it embodies liberty, accountability, consent, cooperation, and other virtues. Additionally, if property rights against trespasses such as pollution are enforced and if public lands are transferred as private property to environmental groups, a freemarket may also protect the environment. In contrast, Terry Anderson and Donald Leal's FreeMarket Environmentalism favors a freemarket solely on instrumental grounds: markets allocate resources efficiently. The authors apparently (...) follow cost?benefit planners in endorsing a specious tautology that ?defends? allocative efficiency by defining ?social welfare? in terms of it. They make no attempt to show that allocative efficiency is a good thing or that it is consistent with environmental protection. By regarding pollution as a compensable external cost rather than as an enjoinable nuisance and by arguing that the government should auction rather than give public lands to environmental groups, moreover, Anderson and Leal offer far less protection of the environment than libertarians do. (shrink)
Jerry Kirkpatrick's Montessori, Dewey, and Capitalism: Educational Theory for a FreeMarket in Education presents a provocative synthesis of the educational philosophies of Maria Montessori and John Dewey with the economic philosophies of Ayn Rand and Ludwig Von Mises. At the center of Kirkpatrick's thesis is his belief that public education be subject to a free-market model. Kirkpatrick holds that students can thrive in an educational system free from all forms of coercion, something he believes (...) can only be accomplished in a free-market educational system that is not bound by government intervention. He borrows from Ayn Rand in arguing that only the individual matters and that all forms of imposed authority .. (shrink)
This article points out the challenges to current models for media ethics that arise from the private ownership of public media, and it proposes a new model that integrates Adam Smith's free-market theory and his system of moral reasoning. The model creates moral obligations to maintain the integrity of a system for anyone who profits from it. This model renews an appeal for the contemporary notion of transparency and is built on an analogy between the system of the (...)freemarket for creating wealth and the system of the free press for producing reliable market information. (shrink)
The virtue of internalizing environmental costs so that prices reflect full social opportunity costs at the margin, reaffirmed by Terry Anderson and Donald Leal, is unarguable. Beyond that, however, Anderson and Leal's FreeMarket Environmentalism neglects the classic works in the intellectual tradition to which it is supposed to be a contribution; is unconvincing and inconsistent in the functions it ascribes to the ?environmental entrepreneur?; conflates problems of distribution and scale with the problem of allocation; ignores international dimensions; (...) and misrepresents the debate over ?sustainable development.? (shrink)
The article considers six standard arguments in favour of an unfettered freemarket: (1) the freedom to consume; (2) the freedom of the seller; (3) the freedom of the producer; (4) freedom from government interference; (5) lower costs; (6) promotion of democracy. It demonstrates that each of these arguments turns out to be incoherent on closer examination. The ground of this incoherence it is shown, is the market doctrine's systematic omission of non-business costs and benefits from its (...) analysis, a methodological blindness which can only be overcome by a wider-lensed comprehension of economic value. (shrink)
The paper is concerned with the potential or actual impact that free-market governmental principles and policies might have, or might have had, in helping to create a more crisis-prone world. It is concerned with organizationally-induced crises where organizations and their environment interact to create disasters. The nature of the crisis-prone organization is discussed in the context of the relevant management literature. It is argued that the disastrous interaction of such an organization with its environment is promoted by a (...) laisser-faire attitude on the part of the authorities. This is illustrated in the context of two recent British disasters involving the King''s Cross Underground fire and the sinking of the Herald of Free Enterprise. (shrink)
Is the modern large publicly traded business corporation compatible with a truly freemarket? 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 (...) class='Hi'>freemarket have felt themselves moved to defend the corporation against socialist or ‘liberal’ attacks. Many genuine advocates of the freemarket even appear willing to make the stronger claim that a defence of the freemarket 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 freemarket. Prima facie, there seems to be a strong case for saying that the large ‘publicly traded’ corporation is compatible with the requirements of the freemarket. 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 ‘freemarket’ 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 freemarket capitalism and merited a vigorous response from the latter’s defenders.. (shrink)
: The question of whether science may usefully be viewed as a market process has recently been addressed by Mäki (1999), who concludes that "either free-market economics is self-defeating, or else there must be two different concepts of freemarket, one for the ordinary economy, the other for science." Here I argue that such pessimism is unwarranted. Mäki proposes (see also Wible 1998) that the conduct of economic research itself be taken, self-reflexively, as a test (...) case for any suggested economics of science. While agreeing that we may expect economics to apply to the conduct of economic research itself, I demonstrate that there is a lack of cogency, both in Mäki's argument for his proposal and in his attempt to implement a reflexivity test. Mäki asks what would be exchanged in the scientific "market for ideas" (see also Sent 1997). The answer is that recognition is exchanged for the opportunity to use another's research results. The identification of an organized and pervasive system of exchange establishes a firm basis for analyzing science as a market process. (shrink)
Proposed solutions to the problems of this country's health care system range along a spectrum from central planning to freemarket. Central planners and freemarket advocates provide various ethical justifications for the policies they propose. The crucial flaw in the philosophical rationale of central planning is failure to distinguish between normative and metanormative principles, which leads to mistaken understanding of the nature of rights. Natural rights, based on the principle of noninterference, provide the link between (...) individual morality and social order. Free markets, the practical expression of natural rights, are uniquely capable of achieving the goals that central planners seek but find beyond their grasp. The history of this country's health care system and the experiences of other nations provide evidence of the superiority of free markets in reaching for the goals of universal access, control of costs, and sustaining the quality of health care. (shrink)
Taking for granted that there is a strong connection between respect far human dignity and endorsement of institutional arrangements that protect individual liberty, I ask whether this can be cited in support of a freemarket approach to the organization of the economy. The answer, it might seem, must be Yes. Prominent defenders of a freemarket system commonly assume that an important part of the rationale for the freemarket is that it protects (...) individual liberty. Appearances are misleading, however. The freemarket ideal is not a mere corollary in the economic domain of the ideal of individual liberty. It stands, rather, at some distance from it, in both content and rationale. Indeed, conflict between these ideals in certain contexts can not be ruled out. The possibility has to be reckoned with, consequently, that an unqualified commitment to the freemarket system is not consistent with respect for human dignity. (shrink)
Whereas conventional analyses characterize environmental problems as examples of market failure, proponents of free-market environmentalism (FME) consider the problem to be a lack of markets and, in particular, a lack of enforceable and exchangeable property rights. Enforcing property rights alleviates disputes about, as well as the overuse of, most natural resources. FME diagnoses of pollution are much weaker, however. Most FME proponents suggest that common-law tort suits can adequately protect private property and ecological resources from pollution. Yet (...) such claims have not been substantiated. Further research is needed before the common law, or regulatory reforms grounded in common-law principles, can be seen as a viable alternative to traditional environmental regulation. (shrink)
The aim of this analysis was to examine the effects on stature in two nationally representative samples of Polish 19-year-old conscripts of maternal and paternal education level, and of degree of urbanization, before and after the economic transition of 1990. Data were from two national surveys of 19-year-old Polish conscripts: 27,236 in 1986 and 28,151 in 2001. In addition to taking height measurements, each subject was asked about the socioeconomic background of their families, including paternal and maternal education, and the (...) name of the locality of residence. The net effect of each of these social factors on stature was determined using four-factor analysis of variance. The secular trend towards increased stature of Polish conscripts has slowed down from a rate 2·1 cm per decade across the period 1965–1986 to 1·5 cm per decade between 1986 and 2001. In both cohorts, mean statures increase with increasing size of locality of residence, paternal education and maternal education. The effect of each of these three social factors on conscript height is highly significant in both cohorts. However, the effect of maternal education has increased substantially while that of size of locality of residence and paternal education diminished between 1986 and 2001. These results imply that the influence of parental education on child growth cannot be due solely to a relationship between education and income, but is also perhaps a reflection of household financial management which benefits child health and growth by better educated parents, regardless of level of income. In addition they suggest that, irrespective of whether there are one or two breadwinners in the family, it is the mother, more so than the father, who is principally responsible for the extent to which such management best favours child health and growth. The asymmetry between the importance of maternal as against paternal education for child growth, clearly seen in the 1986 cohort, became more accentuated in 2001, after the abrupt transition from a command to a free-market economy in the early 1990s. (shrink)
The current debate that surrounds the issue of patient rights and the transformation of health care, social insurance, and reimbursement systems has put the topic of patient responsibility on both the public and health care sectors' agenda. This climate of debate and transition provides an ideal time to rethink patient responsibilities, together with their underlying rationale, and to determine if they are properly represented when being called `patient' responsibilities. In this article we analyze the various types of patient responsibilities, identify (...) the underlying motivations behind their creation, and conclude upon their sensibleness and merit. The range of patient responsibilities that have been proposed and implemented can be reclassified and placed into one of four groups, which are more accurate descriptors of the nature of these responsibilities. We suggest that, within the framework of a free-market system, where health care services are provided based on the ability to pay for them, none of these can properly be justified as a patient responsibility. (shrink)
There are two competing approaches to sustainability in agriculture. One stresses a strict economic approach in which market forces should guide the activities of agricultural producers. The other advocates the need to balance economic with environmental and social objectives, even to the point of reducing profitability. The writings of the eighteenth century moral philosopher Adam Smith could bridge the debate. Smith certainly promoted profit-seeking, private property, and freemarket exchange consistent with the strict economic perspective. However, his (...) writings are also consistent with many aspects of sustainable agriculture. For example, Smith argued that people ought to exercise restraint in their pursuit of self-interest, and he believed in balancing economic with environmental and social considerations. If both sides of the debate more fully regard the work of Adam Smith, then proponents of the strict economic perspective might be more appreciative of the concerns raised within the sustainable agriculture community, while advocates of sustainability might be more effective in achieving the objective of a sustainable agriculture. (shrink)
Abstract The Asian financial crisis, which devastated many of the newly industrializing countries, is said to have demonstrated the inherent fragility of economies built upon laissez?faire principles. However, it appears that the major sources of disruption have come from policies that deviate from laissez faire, such as government?guaranteed bailouts and international monetary policy. That capitalist economies were afflicted by the crisis does not constitute an indictment of free markets.
There is a world-wide shortage of kidneys for transplantation. Many people will have to endure lengthy and unpleasant dialysis treatments, or die before an organ becomes available. Given this chronic shortage, some doctors and health economists have proposed offering financial incentives to potential donors to increase the supply of transplantable organs. In this paper, I explore objections to the practice of buying and selling organs from the point of view 1) justice, 2) beneficence and 3) Commodification. Regarding objection to the (...) Commodification of transplant organs, I examine a number of possible justifications of this objection but conclude that each of these would, if true, rule out the donation of transplant organs or the selling of numerous accepted commodities, or is implausible for some other reason. (shrink)
In this article thinking on corporate social responsibility (CSR) is compared with the dominant political theory of the market: theneoclassical theory. The comparison shows that thinking on CSR fundamentally collides with that theory. For example, their respectivenormative views on man are incompatible, as are their respective views on the modus operandi of the market. Given that CSR is desirable it follows that a new political theory of the market is needed. This article suggests some initial steps toward (...) developing that new political theory of the market. For example, it defends the proposition that the neoclassical idea of the market as a harmonic sphere must be replaced by the idea of the market as a fragile system. (shrink)
This paper examines the arguments presented by the Roman Catholic Bishops in their 1993 Pastoral Resolution, Comprehensive Health Care Reform: Protecting Human Life, Promoting Human Dignity, Pursuing the Common Good, concerning health care reform. Focusing on the meaning of equality in health care and traditional Roman Catholic doctrine, it is argued that the Bishops fail to grasp the force of the differences among persons, the value of the market, and traditional scholastic arguments concerning obligatory and extraordinary health care. To (...) attempt to equalize the distribution of health care would be ruinous. A more traditional understanding of Christian thought reveals an acceptance of inequality in health care distribution and a bias against using the secular state to coerce a solution to such concerns for social justice. (shrink)
On the options trading floor at the Pacific Exchange in San Francisco, traders spend their days “making markets” in option contracts, a mentally and bodily intense practice that requires the acquisition of a series of embodied knowledges specific to the occupation. In this article, I report on field research conducted at the exchange, during which I explored the cultural turn of practice theory to the body. Taking direction from Pierre Bourdieu’s changing descriptions of habitus, field, and practical action, I argue (...) that the logic of trading does proceed to some extent beneath the level of reflexive application of the rules of the game; but my encounter with traders’ talk, their cultural production, and their gendered performance led my interpretation of this unconscious dimension beyond the limits of cognitivist metaphors for knowledgeable bodies toward an identificatory logic of practice. Whereas Bourdieu stopped short of taking practice theory all the way in to psychoanalysis, I found the imaginary order it brings into the picture decisive in shaping the experience of trading. (shrink)
In today’s society, a peculiar understanding of distributive justice has developed which holds that “social justice must be distributed by the coercive force of government.” However, this is a perversion of the ideal of distributive justice. The perspective of distributive justice which should be considered is one with its roots [...].
This article aims to describe underlying principles of paradigm shifts in clinical medicine by means of analysis of typical examples. Retrospectively, profound shifts of ruling paradigms can be shown in diverse fields such as outcome research, in the redefining of patient's and doctor's autonomies, in the challenges presented by consumer medicine and the freemarket economy. This has provoked controversy between doctors, patients and the community. The judgement on whether recent shifts in paradigms in medicine have improved the (...) health care delivered today is by no means uncontroversial. Aiming to demonstrate how shifts of paradigms in medicine occur and what consequences can result from such shifts we reflect on the works of Thomas S. Kuhn, the eminent philosopher of science. An analysis of his theories lends important insight into the observed shifts in paradigms. (shrink)
Abstract Holding unlimited economic freedom to be nearly as dangerous as physical violence, Karl Popper advocated ?piecemeanl? economic intervention by the state. Jeremy Shearmur's recent book on Popper contends that as the philosopher aged, his views grew closer to classical liberalism than those expressed in The Open Society?consistently with what Shearmur sees as the logic of Popper's arguments. But Popper's philosophy, while recognizing that any project aimed at bringing about social change must be immensely complex and fraught with difficulty, retains (...) grounds for hope about the purposeful use of government to bring about desirable social results. (shrink)
Capitalism: The Birth of an Idea. Amongst the Enlightenment’s emancipatory slogans was a call for the liberation of economic energy, a call that was most fully expressed by Adam Smith in Inquiry into the Nature and Causes of the Wealth of Nations. Smith provided a final analysis of the mercantilist system that had been prevailing from the beginning of the sixteenth century. By justifying the superiority of the freemarket economy models, Smith created the intellectual foundations for the (...) capitalist order. He proposed a model for the production and distribution of goods that was based on two pillars: the right to private property and freemarket institutions. The vision of capitalism created by Smith was a system of power and freedom: a system of individual sovereignty over the world of objects and a system of the free circulation of goods. The combination of these two principles resulted in a coherent system which, when used in practice, has shown remarkable efficiency. Smith’s work proved to be a reliable way to achieve worldly success, one that has worked wherever it was tried out. Capitalism, and the accompanying moral philosophy, was the most commonly pursued idea of the eighteenth century. (shrink)
The conventional view of banking crises sees them as an inherent problem of fractional?reserve banking systems. According to this view, government regulation in the form of an alert central bank (acting as a ?lender of last resort"), or deposit insurance, or both is needed to keep isolated bank failures from generating systemwide panic. But this view does not mesh with historical experience, which points to government regulation itself as the most likely cause of banking crises.
The occasion of this talk was a panel discussion ending the conference on “Radical Politics” sponsored by The University of North Dakota’s chapter to Students for a Democratic Society. Many of the members are self-described Marxists and Anarchists. It is they whom I address here.
This article challenges conventional readings of Michel Foucault by examining his fascination with neoliberalism in the late 1970s. Foucault did not critique neoliberalism during this period; rather, he strategically endorsed it. The necessary cause for this approval lies in the broader rehabilitation of economic liberalism in France during the 1970s. The sufficient cause lies in Foucault's own intellectual development: drawing on his long-standing critique of the state as a model for conceptualizing power, Foucault concluded, during the 1970s, that economic liberalism, (...) rather than was modernity's paradigmatic power form. Moreover, this article seeks to clarify the relationship between Foucault's philosophical antihumanism and his assessment of liberalism. Rather than arguing (as others have) that Foucault's antihumanism precluded a positive appraisal of liberalism, or that the apparent reorientation of his politics in a more liberal direction in the late 1970s entailed a partial retreat from antihumanism, this article contends that Foucault's brief, strategic, and contingent endorsement of liberalism was possible precisely because he saw no incompatibility between antihumanism and liberalism—but only liberalism of the economic variety. Economic liberalism alone, and not its political iteration, was compatible with the philosophical antihumanism that is the hallmark of Foucault's thought. (shrink)