chapter  1
27 Pages

The Moralization of Economic Affairs

In the present age have people perhaps reached the stage of socioeconomic development where the number of autonomous and free individuals has risen to the point where they might make a significant difference in the economic affairs of modern societies. A moralization of markets refers to courses of action where decisions that cannot be revoked and formed somewhere along the chain of decisions involve comparative judgments about products and services. The standard model of economic behavior describes both individual market participants - the consumer, the investor, the producer, the worker and the conduct of corporate actors as rational, deliberative, forward-looking, well-informed, lacking impulsivity, resourceful, purposive, and endowed with the ability to delay gratification. Nonetheless, moral reflections, moral constraints, and commitments may have been the strongest obstacle to imposing restrictions, prohibitions, and rules in the first place, and such rules may actually represent a serious set of costs-conceived in the narrow sense of economist costs - to all market participants.