Suspicions of Markets Critical Attacks from Aristotle to the Twenty-
In this work, Rutherford reviews why Adam Smith, Hayek, Mises and others praised economic markets, with a view to understanding, in contrast, historical attacks on markets dating as far back as Aristotle. The market has long been criticized as an inapprop
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Suspicions of Markets
Donald Rutherford
Suspicions of Markets Critical Attacks from Aristotle to the Twenty-First Century
Donald Rutherford University of Edinburgh Edinburgh, United Kingdom
ISBN 978-3-319-40807-1 ISBN 978-3-319-40808-8 DOI 10.1007/978-3-319-40808-8
(eBook)
Library of Congress Control Number: 2016953879 © The Editor(s) (if applicable) and The Author(s) 2016 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover illustration: © Inge Johnsson / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
1
Introduction
2
The Case for Markets
11
3
The Start of the Criticism: Aristotle
39
4
After the Greeks
63
5
Nineteenth-Century Critics
81
6
Later Critics
109
7
An Analysis of the Principal Criticisms
141
8
How to Deal With Flawed Markets
169
1
v
vi
Contents
Bibliography
185
Index
189
1 Introduction
Markets are under much discussion and attract a great deal of criticism. Whenever unemployment is high, the failure of markets to provide jobs is often mentioned. In times of financial crashes, such as in 1929 and 2008, inevitably markets come under close scrutiny, but the criticism has become more persistent. The financial crisis of 2008 spawned many books about the banking crisis in particular and the shortcomings of markets in general. The attacks were wide ranging, sometimes on market mechanisms, often about the market economy as a whole and frequently about the market behaviour of dealers. Markets often get a bad press. They are regarded as the citadels of greed and the dwelling places of packs of robbers. “Market forces” are equated with an economic organisation which ruthlessly ignores the needs of consumers in relentless pursuit of profit. The market is regarded as encouraging selfishness at the exp
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