What Money Can't Buy


Book Description

In What Money Can't Buy, renowned political philosopher Michael J. Sandel rethinks the role that markets and money should play in our society. Should we pay children to read books or to get good grades? Should we put a price on human life to decide how much pollution to allow? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars, outsourcing inmates to for-profit prisons, auctioning admission to elite universities, or selling citizenship to immigrants willing to pay? In his New York Times bestseller What Money Can't Buy, Michael J. Sandel takes up one of the biggest ethical questions of our time: Isn't there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? Over recent decades, market values have crowded out nonmarket norms in almost every aspect of life. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. In Justice, an international bestseller, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes a debate that's been missing in our market-driven age: What is the proper role of markets in a democratic society, and how can we protect the moral and civic goods that markets do not honor and money cannot buy?




Markets, Morals, Politics


Book Description

When Istv‡n Hont died in 2013, the world lost a giant of intellectual history. A leader of the Cambridge School of Political Thought, Hont argued passionately for a global-historical approach to political ideas. To better understand the development of liberalism, he looked not only to the works of great thinkers but also to their reception and use amid revolution and interstate competition. His innovative program of study culminated in the landmark 2005 book Jealousy of Trade, which explores the birth of economic nationalism and other social effects of expanding eighteenth-century markets. Markets, Morals, Politics brings together a celebrated cast of HontÕs contemporaries to assess his influence, ideas, and methods. Richard Tuck, John Pocock, John Dunn, Raymond Geuss, Gareth Stedman Jones, Michael Sonenscher, John Robertson, Keith Tribe, Pasquale Pasquino, and Peter N. Miller contribute original essays on themes Hont treated with penetrating insight: the politics of commerce, debt, and luxury; the morality of markets; and economic limits on state power. The authors delve into questions about the relationship between states and markets, politics and economics, through examinations of key Enlightenment and pre-Enlightenment figures in contextÑHobbes, Rousseau, Spinoza, and many others. The contributors also add depth to HontÕs lifelong, if sometimes veiled, engagement with Marx. The result is a work of interpretation that does justice to HontÕs influence while developing its own provocative and illuminating arguments. Markets, Morals, Politics will be a valuable companion to readers of Hont and anyone concerned with political economy and the history of ideas.




The Morals of the Market


Book Description

The fatal embrace of human rights and neoliberalism Drawing on detailed archival research on the parallel histories of human rights and neoliberalism, Jessica Whyte uncovers the place of human rights in neoliberal attempts to develop a moral framework for a market society. In the wake of the Second World War, neoliberals saw demands for new rights to social welfare and self-determination as threats to “civilisation”. Yet, rather than rejecting rights, they developed a distinctive account of human rights as tools to depoliticise civil society, protect private investments and shape liberal subjects.




Jealousy of Trade


Book Description

"The author focuses on Adam Smith and his contemporaries, who pondered these issues, particularly the nature and development of commercial society. They attempted to come to terms with the claim that, on the one hand, the market was a decisive element in economic progress, and, on the other, that its workings depended upon the release of the immoral desires of fallen men and that its consequences were socially and politically destabilizing. Hont reconstructs the salient features of this controversy between the proponents of market sociability and its most trenchant critics. In doing so, he has helped to locate historically the most important arguments at the heart of the emergence of modernity."--Jacket.




The Moral Economy


Book Description

Should the idea of economic man—the amoral and self-interested Homo economicus—determine how we expect people to respond to monetary rewards, punishments, and other incentives? Samuel Bowles answers with a resounding “no.” Policies that follow from this paradigm, he shows, may “crowd out” ethical and generous motives and thus backfire. But incentives per se are not really the culprit. Bowles shows that crowding out occurs when the message conveyed by fines and rewards is that self-interest is expected, that the employer thinks the workforce is lazy, or that the citizen cannot otherwise be trusted to contribute to the public good. Using historical and recent case studies as well as behavioral experiments, Bowles shows how well-designed incentives can crowd in the civic motives on which good governance depends.




The Ethics of Trade and Aid


Book Description

This philosophical examination of trade and aid argues that a compassionate, rational and humane engagement with the global economy could lead to a better world.




Manufacturing Morals


Book Description

Corporate accountability is never far from the front page, and as one of the world’s most elite business schools, Harvard Business School trains many of the future leaders of Fortune 500 companies. But how does HBS formally and informally ensure faculty and students embrace proper business standards? Relying on his first-hand experience as a Harvard Business School faculty member, Michel Anteby takes readers inside HBS in order to draw vivid parallels between the socialization of faculty and of students. In an era when many organizations are focused on principles of responsibility, Harvard Business School has long tried to promote better business standards. Anteby’s rich account reveals the surprising role of silence and ambiguity in HBS’s process of codifying morals and business values. As Anteby describes, at HBS specifics are often left unspoken; for example, teaching notes given to faculty provide much guidance on how to teach but are largely silent on what to teach. Manufacturing Morals demonstrates how faculty and students are exposed to a system that operates on open-ended directives that require significant decision-making on the part of those involved, with little overt guidance from the hierarchy. Anteby suggests that this model—which tolerates moral complexity—is perhaps one of the few that can adapt and endure over time. Manufacturing Morals is a perceptive must-read for anyone looking for insight into the moral decision-making of today’s business leaders and those influenced by and working for them.




Morality, Competition, and the Firm


Book Description

In this collection of provocative essays, Joseph Heath provides a compelling new framework for thinking about the moral obligations that private actors in a market economy have toward each other and to society. In a sharp break with traditional approaches to business ethics, Heath argues that the basic principles of corporate social responsibility are already implicit in the institutional norms that structure both marketplace competition and the modern business corporation. In four new and nine previously published essays, Heath articulates the foundations of a "market failures" approach to business ethics. Rather than bringing moral concerns to bear upon economic activity as a set of foreign or externally imposed constraints, this approach seeks to articulate a robust conception of business ethics derived solely from the basic normative justification for capitalism. The result is a unified theory of business ethics, corporate law, economic regulation, and the welfare state, which offers a reconstruction of the central normative preoccupations in each area that is consistent across all four domains. Beyond the core theory, Heath offers new insights on a wide range of topics in economics and philosophy, from agency theory and risk management to social cooperation and the transaction cost theory of the firm.







Taking the Floor


Book Description

An inside look at a Wall Street trading room and what this reveals about today’s financial system Debates about financial reform have led to the recognition that a healthy financial system doesn’t depend solely on how it is structured—organizational culture matters as well. Based on extensive research in a Wall Street derivatives-trading room, Taking the Floor considers how the culture of financial organizations might change in order for them to remain healthy, even in times of crises. In particular, Daniel Beunza explores how the extensive use of financial models and trading technologies over the recent decades has exerted a far-ranging and troubling influence on Wall Street. How have models reshaped financial markets? How have models altered moral behavior in organizations? Beunza takes readers behind the scenes in a bank unit that, within its firm, is widely perceived to be “a class act,” and he considers how this trading room unit might serve as a blueprint solution for the ills of Wall Street’s unsustainable culture. Beunza demonstrates that the integration of traders across desks reduces the danger of blind spots created by models. Warning against the risk of moral disengagement posed by the use of models, he also contends that such disengagement could be avoided by instituting moral norms and social relations. Providing a unique perspective on a complex subject, Taking the Floor profiles what an effective, responsible trading room can and should look like.