http://www.longviewinstitute.org/projects/moral/sorcerersapprentice
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Market Fundamentalism’s central flaw lies in its claim that encouraging acquisitiveness automatically produces good results. This claim conflicts with what actually happens in market situations and with the tenets of all of the world’s great religions that warn of the dangers to society and the individual soul that come from selfishness and materialism. Market Fundamentalism ultimately rests on a fairy tale in which each person’s pursuit of his or her self-interest automatically serves the common good.
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The reality is that market exchange can serve the common good, but only when individuals obey moral injunctions and legal rules. When people cheat their customers, sabotage their competitors, avoid paying taxes, and ignore environmental rules, there is no Invisible Hand that blesses these transactions. Market Fundamentalism hides the fundamental reality that actual markets work because of a structure of legal and moral constraints that people have constructed over the decades to avert the disasters produced by excessive greed. Market Fundamentalism is so dangerous because it strips away all of the mechanisms and moral understandings that protect us from runaway and unregulated markets.
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http://www.longviewinstitute.org/projects/moral/sorcerersapprentice
-- Mark Frankenberg
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