Abstract

ABSTRACT There are, at present, at least two basic forms of market economy: one that tends to be open to innovative ideas; the other that tends to be more oriented to social services. The normative significance of these two “models” of market society—roughly speaking, the American and the Continental models—can best be appreciated by noticing that in the first model, entrepreneurship, and participation in the economy more generally, can be a major source of satisfaction for the entrepreneurs and employees, independently of their financial compensation. In the second model, the economy is primarily a means to the end of the goods it produces. Although the second type may be as suited to producing goods as the first type, it has fallen short—for reasons that economists now understand—in generating employee engagement and the satisfactions of exploration and self‐realization.