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Markets as Unintentionally Moral Wealth Creators

  • Virgil Henry Storr
  • Ginny Seung Choi
Chapter

Abstract

Traditional moral defenses of the market do not really address the central moral criticism leveled against markets by their critics. Rather than (theoretically or empirically) evaluating the claim that markets are morally corrupting, the traditional defenses either avoid or (implicitly or explicitly) endorse the view that markets are potentially corrupting. In this chapter, we review and discuss the way that the market is traditionally defended on moral grounds. Specifically, we argue that both claims that the market neither promotes nor suppresses morality and that the market transforms private vice into public virtue are inadequate responses to the central moral criticism of markets.

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Virgil Henry Storr
    • 1
  • Ginny Seung Choi
    • 2
  1. 1.Department of EconomicsGeorge Mason UniversityFairfaxUSA
  2. 2.The Mercatus Center at George Mason UniversityArlingtonUSA

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