Are Markets Moral?
Historically, the market was a physical place where people engaged in barter and trade. Today, when we speak about the market, we mean something much more abstract. The market is the realm of business; it is the sum of all voluntary transactions, and for many, it is a path to wealth and prosperity. But what are the problems that might arise in the market? Are markets moral? These are leading questions that our institute is interested in.
Our institute’s scholars produce research to answer questions like “Should you be able to sell your blood, your plasma, or even your kidney?”
We are interested in exploring the furthest extent of markets.
We also are concerned with the ethics of free speech and the government’s attempts to regulate products for their speech content.
There is a moral component to how industries operate in markets. Higher education, for example, is subject to a host of ethical problems, including the role of affirmative action admission policies.
The moral questions of market society extend to discussions of whom we should make deals with? For example, should we engage in business with illegal immigrants?
“The market corrodes our character. Or so most people say. In Markets without Limits, Jason Brennan and Peter Jaworski give markets a fair hearing. The market does not introduce wrongness where there was not any previously. Thus, the authors claim, the question of what rightfully may be bought and sold has a simple answer: if you may do it for free, you may do it for money.”
Read more: What is Business Ethics?