Does the Free Market Corrode Moral Character?

Some of the responses of the speakers are interesting. My gut instinct is that it does.

As economic indicators continue to nosedive, debate over the free market continues apace. On Dec. 3 the John Templeton Foundation hosted a forum in London to address the issue.

A group of economists and commentators gathered to debate the topic: "Does the Free Market Corrode Moral Character?"

Michael Walzer, retired professor in the School of Social Science at the Institute for Advanced Study in Princeton, New Jersey, argued that free market competition forces people to break the rules of decent conduct. Attempting to justify this behavior leads to self-deception that corrodes moral character, he said.

Competition is not, however, only a negative force, Walzer added. Cooperation in economic enterprises produces mutual respect, friendship and solidarity, and people learn how to take risks and forge alliances.

Walzer proposed limitations on economic power and markets so as to reduce the corrosion due to market forces.

Kay S. Hymowitz, the William E. Simon Fellow at the Manhattan Institute, also warned against the negative effects of the free market on morality. The modern market economy introduces many novelties that undermine established cultural and moral traditions, she argued.

read more

Does the Free Market Corrode Moral Character?

Some of the responses of the speakers are interesting. My gut instinct is that it does.

As economic indicators continue to nosedive, debate over the free market continues apace. On Dec. 3 the John Templeton Foundation hosted a forum in London to address the issue.

A group of economists and commentators gathered to debate the topic: "Does the Free Market Corrode Moral Character?"

Michael Walzer, retired professor in the School of Social Science at the Institute for Advanced Study in Princeton, New Jersey, argued that free market competition forces people to break the rules of decent conduct. Attempting to justify this behavior leads to self-deception that corrodes moral character, he said.

Competition is not, however, only a negative force, Walzer added. Cooperation in economic enterprises produces mutual respect, friendship and solidarity, and people learn how to take risks and forge alliances.

Walzer proposed limitations on economic power and markets so as to reduce the corrosion due to market forces.

Kay S. Hymowitz, the William E. Simon Fellow at the Manhattan Institute, also warned against the negative effects of the free market on morality. The modern market economy introduces many novelties that undermine established cultural and moral traditions, she argued.

read more

The New Asian Hemisphere

Kishore Mahbubani (2008), The New Asian Hemisphere: The Irresistible Shift of Global Power to the East, New York: PublicAffairs

Kishore Mahbubani is the Professor of Public Policy of the Lee Kuan Yew School of Public Policy at the National University of Singapore. His previous books carry the interesting titles of Can Asian Think? and Beyond the Age of Innocence.

In this book, Kishore, a former diplomat explores the reaction of the West especially the United States towards the shift of global power to the east. By 2050, the world's three largest economies will be in Asia: Japan, India, and China.

Kishore's thesis is that the east like to replicate, not dominate. This was always so with Asian and Western countries. However much depends on the response of the United States. If the United States are willing to share and not dominate, then there will be much benefit to everyone. However if the United States decide to try to dominate the rising economies, there will be much chaos.

History unfortunately has shown that the Western response when threatened by the east was always a retreat into protectionism and attacks. The Japan-bashing of the 1980s, have been replaced by India-bashing of the 1990s (due to outsourcing) and now we have China-bashing in the 2000s. Looks like we are in a stormy ride.

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The New Asian Hemisphere

Kishore Mahbubani (2008), The New Asian Hemisphere: The Irresistible Shift of Global Power to the East, New York: PublicAffairs

Kishore Mahbubani is the Professor of Public Policy of the Lee Kuan Yew School of Public Policy at the National University of Singapore. His previous books carry the interesting titles of Can Asian Think? and Beyond the Age of Innocence.

In this book, Kishore, a former diplomat explores the reaction of the West especially the United States towards the shift of global power to the east. By 2050, the world's three largest economies will be in Asia: Japan, India, and China.

Kishore's thesis is that the east like to replicate, not dominate. This was always so with Asian and Western countries. However much depends on the response of the United States. If the United States are willing to share and not dominate, then there will be much benefit to everyone. However if the United States decide to try to dominate the rising economies, there will be much chaos.

History unfortunately has shown that the Western response when threatened by the east was always a retreat into protectionism and attacks. The Japan-bashing of the 1980s, have been replaced by India-bashing of the 1990s (due to outsourcing) and now we have China-bashing in the 2000s. Looks like we are in a stormy ride.

.

Online Shoppers Be Careful

Online Shoppers Be Careful