Are Free Markets Moral?
Morality is a vague concept. When the supreme court of India can’t figure out what is Moral with respect to Freedom of speech, it is quite difficult for one to establish whether Free Markets are Moral or not?
Well morality is a social contract or code of conduct put forward by a society. So, when we talk about morality, we’re generally referring to the ethical glue that holds society together. Morality deals with our sense of fairness ("goodness" or "rightness") and our sense of responsibility to others.
Market on the other hand is a structure where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, …show more content…
And this is the reason that has led the governments around the world to aggressively call for markets to be subjected to strict supervision and regulation to ensure ‘moral behaviour’ by market participants.
Free markets often lead to exploitation of both the workers and the customers alike.
Profit accruing to the individual/ customer may be true for a period of time or situations, but eventually who makes the most of free market operations – crony capitalists.
Regulated markets in collaboration with Globalised market network do provide great diversity and choice. Also the advocates of free market haven’t heard about Reverse Globalisation.
Proponents of free market believe that free market haters all share one common trait. They all have a deep distrust in the free interactions of human beings. But that is not
Morality is a vague concept. When the supreme court of India can’t figure out what is Moral with respect to Freedom of speech, it is quite difficult for one to establish whether Free Markets are Moral or not?
Well morality is a social contract or code of conduct put forward by a society. So, when we talk about morality, we’re generally referring to the ethical glue that holds society together. Morality deals with our sense of fairness ("goodness" or "rightness") and our sense of responsibility to others.
Market on the other hand is a structure where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, …show more content…
And this is the reason that has led the governments around the world to aggressively call for markets to be subjected to strict supervision and regulation to ensure ‘moral behaviour’ by market participants.
Free markets often lead to exploitation of both the workers and the customers alike.
Profit accruing to the individual/ customer may be true for a period of time or situations, but eventually who makes the most of free market operations – crony capitalists.
Regulated markets in collaboration with Globalised market network do provide great diversity and choice. Also the advocates of free market haven’t heard about Reverse Globalisation.
Proponents of free market believe that free market haters all share one common trait. They all have a deep distrust in the free interactions of human beings. But that is not