What Money Can't Buy - The Moral Limits of Markets

Herry will present on this topic, and Olivier will chair.

http://www.penguinbooksindia.com/sites/default/files/styles/book_cover_page/public/book_image/9781846144721.jpgPolitical Philosopher Michael Sandel sounds a warning to us in modern industrialized democracies – that over the past 20-30 years, we have shifted from being societies that have market economies (in which market mechanisms are used as a useful tool for the allocation of goods, services and resources) to becoming market societies (in which market principles pervade in almost all major spheres of our public and social lives).

Sandel contends that this intrusion of market principles into areas traditionally governed by non-market norms raises 2 problems: firstly it exacerbates the effects of material inequality, and secondly that an inappropriate application of market principles where they do not belong corrodes or corrupts the activity or good which they are being applied to.

The message is a simple one, but it opens up to a rich treasure trove of philosophical considerations about the nature of markets, equality, democracy, freedom, the role of religion and tradition in the public square, the nature of persons living in community, etc.
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There are several ways to get acquainted with Sandel’s ideas on this:

If you’re the reading type:

Here’s the introductory chapter from the book: Sandel Extract pdf (https://www.dropbox.com/s/2la1mhh7ku2yq79/Sandel%20Extract.pdf) A shorter version of the chapter above appears here: What Isn't for Sale? (http://www.theatlantic.com/magazine/archive/2012/04/what-isnt-for-sale/308902/) If you prefer to watch videos:

The Basics are covered well here: What Money Can't Buy (http://www.youtube.com/watch?v=GvDpYHyBlgc) (30mins) If you have more time, this is an excellent version of the presentation that includes succinct and pointed counterarguments (1.5hrs): Public Debate 2012 (http://www.youtube.com/watch?v=jPmvf7M3xbo) If you only have 10 mins: TV interview (http://www.youtube.com/watch?v=e6rV1ubc2gI)
** By no means watch all the videos (unless you want to!), the main points are repeated across all of them. The first video gives a good illustration of Sandel’s teaching and lecturing style, for which his university course at Harvard on Justice is immensely popular. The second is unparalleled for the challenging counterarguments; and I think of the third video as a quick bite for those in a rush.

Finally, a fun, but related example to think about: Cheating to Learn (http://blogs.kcrw.com/whichwayla/2013/04/cheating-to-learn-how-a-ucla-professor-gamed-a-game-theory-midterm)

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Wikipedia gives a good biographical overview: Michael Sandel (http://en.wikipedia.org/wiki/Michael_Sandel)

If you have 12 hours of your life to kill, you could do worse than watching lecture recordings of Sandel’s semester long course on Justice (http://www.justiceharvard.org/), found here: watch 12 episodes (http://www.justiceharvard.org/watch/). (Note added by Anne: If you want to dip your toe into this, just watch the first 24mins of the 1st episode (http://www.justiceharvard.org/2011/03/episode-01/#watch) ... and be prepared to be hooked!)

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