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Suspicions of Markets

Critical Attacks from Aristotle to the Twenty-First Century

  • Donald Rutherford

Table of contents

  1. Front Matter
    Pages i-vi
  2. Donald Rutherford
    Pages 1-9
  3. Donald Rutherford
    Pages 11-38
  4. Donald Rutherford
    Pages 39-62
  5. Donald Rutherford
    Pages 63-80
  6. Donald Rutherford
    Pages 81-107
  7. Donald Rutherford
    Pages 109-139
  8. Donald Rutherford
    Pages 141-168
  9. Donald Rutherford
    Pages 169-184
  10. Back Matter
    Pages 185-194

About this book

Introduction

In this work, Rutherford reviews why Adam Smith, Hayek, Mises and others praised economic markets, with a view to understanding, in contrast, historical attacks on markets dating as far back as Aristotle. The market has long been criticized as an inappropriate method of allocation, encouraging market participants to misbehave for the sake of personal gain, and creating an impersonal new market culture. This book traces how such attacks have become more vociferous in recent centuries, especially with the rise of socialism. Most recently the critique has broadened to include toxic markets and the excessive marketization of activities hitherto external to the market. Analysing these major criticisms, as well as the value of regulation, utopias and virtue ethics as a means of avoiding future suspicions of markets, the author lays the groundwork for the reader’s own assessment of the arguments, and concludes by posing suggestions of how best we might cope with flawed markets in the future.

Keywords

History of Economic Thought Economics and Philosophy Historical criticism Financial crises Market economy Classical economics Exchange, trade, commerce Economic ethics

Authors and affiliations

  • Donald Rutherford
    • 1
  1. 1.University of Edinburgh EdinburghUnited Kingdom

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-40808-8
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2016
  • Publisher Name Palgrave Macmillan, Cham
  • eBook Packages Economics and Finance
  • Print ISBN 978-3-319-40807-1
  • Online ISBN 978-3-319-40808-8
  • Buy this book on publisher's site
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