Morals and Markets The Dangerous Balance

ISBN-10: 1137282584

ISBN-13: 9781137282583

Edition: 2nd 2013 (Revised)

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Economist Daniel Friedman draws on recent research in evolutionary game theory and behavioral economics to explore the relationship between our moral codes and our market systems. Why are they so often at odds?Friedman traces the evolutionary history of morals and markets, and argues that both are devices humans have evolved to cope with the inherent conflict between individual and group needs. Morals work well to prevent and solve this conflict within small groups, but tend to break down at larger scale. Markets efficiently organize the activities of very large groups – even billions of people – but large markets tend to be ruthless, ignoring the needs of individuals and small groups. Friedman shows how imbalance between morals and markets is at the root of such problems as the recent corporate scandals in the United States including the global financial crisis the world continues to face. On the other hand, balance between moral and market concerns has resulted in creative, sustainable solutions to some of our most intractable problems. Acid rain, for example, has been cut in half in large part because of emissions trading programs. Friedman explores this and other ways moral and market forces can be balanced to achieve better solutions than either could on its own.
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Book details

Edition: 2nd
Copyright year: 2013
Publisher: Palgrave Macmillan
Publication date: 6/11/2013
Binding: Paperback
Pages: 304
Size: 6.00" wide x 9.25" long x 0.75" tall
Weight: 0.682
Language: English

Prologue: A Tale of Two Tilts
Two Halves of the Balance
The Savanna Code: What Good Are Morals?
The Rise of Wealth: How We Became Civilized and Started Shopping
Worlds Out of Kilter
From Melqart to Zombieworld: Adventures in Imbalance
Madness, Lies, and Crashes: When Prices Run Free
Blundering Back to Balance: TARP and Tear Gas
China: Morals and the Rush to Wealth
Life Around Us
From Hudson's Bay to eBay: Why Some People Like Going to Work
Markets and Sin: Murder, Megacasinos, and Drug Wars
Underworlds: The Tao of Gangs
Cooling the Earth: The Preservation Markets
The World Ahead
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