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Suspicions of Markets - Critical Attacks from Aristotle to the Twenty-First Century (Paperback, Softcover reprint of the original 1st ed. 2016)
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Suspicions of Markets - Critical Attacks from Aristotle to the Twenty-First Century (Paperback, Softcover reprint of the original 1st ed. 2016)
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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 inappropriate
method of allocation, encouraging market participants to misbehave
for the sake of personal gain, and creating an impersonal new
market culture. This book traces how such attacks have become more
vociferous in recent centuries, especially with the rise of
socialism. Most recently the critique has broadened to include
toxic markets and the excessive marketization of activities
hitherto external to the market. Analysing these major criticisms,
as well as the value of regulation, utopias and virtue ethics as a
means of avoiding future suspicions of markets, the author lays the
groundwork for the reader's own assessment of the arguments, and
concludes by posing suggestions of how best we might cope with
flawed markets in the future.
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