The late Fred Hirsch showed that the market economy succeeded because it was based on a pre-capitalist morality but its increasing orientation to self-interest (i.e., private-oriented behavior) at the expense of communal and public good, undermined that foundation. “[T]he system,” writes Hirsch, “operated on social foundations laid under a different order of society.” But today “…it erodes the social foundations that underlie a benign and efficient implementation of the self-interest principle operating through market transactions” (Social Limits, 11).
Posted on: Sun, 10 Nov 2013 02:44:50 +0000
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