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Accepting the Invisible Hand: Market-Based Approaches to Social-Economic Problems Edited by Mark D ACCEPTING THE INVISIBLE HAND Copyright material from www.palgraveconnect.com - licensed to ETH Zuerich - PalgraveConnect - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White 9780230102491_01_prexvi.indd i 9/6/2010 1:17:11 PM PERSPECTIVES FROM SOCIAL ECONOMICS Series Editor: Mark D. White, Professor in the Department of Political Science, Econom- ics, and Philosophy at the College of Staten Island/CUNY. The Perspectives from Social Economics series incorporates an explicit ethical component into contemporary economic discussion of important policy and social issues, drawing on the approaches used by social economists around the world. It also allows social economists to develop their own frameworks and paradigms by exploring the philosophy and methodology of social eco- nomics in relation to orthodox and other heterodox approaches to econom- ics. By furthering these goals, this series will expose a wider readership to the scholarship produced by social economists, and thereby promote the more inclusive viewpoints, especially as they concern ethical analyses of economic issues and methods. Accepting the Invisible Hand: Market-Based Approaches to Social-Economic Problems Edited by Mark D. White Copyright material from www.palgraveconnect.com - licensed to ETH Zuerich - PalgraveConnect - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White 9780230102491_01_prexvi.indd ii 9/6/2010 1:17:11 PM Accepting the Invisible Hand Market-Based Approaches to Social-Economic Problems Edited by Mark D. White Copyright material from www.palgraveconnect.com - licensed to ETH Zuerich - PalgraveConnect - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White 9780230102491_01_prexvi.indd iii 9/6/2010 1:17:11 PM ACCEPTING THE INVISIBLE HAND Copyright © Mark D. White, 2010. All rights reserved. First published in 2010 by PALGRAVE MACMILLAN® in the United States—a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN: 978–0–230–10249–1 Library of Congress Cataloging-in-Publication Data Accepting the invisible hand : market-based approaches to social- economic problems / edited by Mark D. White. p. cm. Includes bibliographical references and index. ISBN978–0–230–10249–1 1. Free enterprise—Moral and ethical aspects. 2. Social policy—Moral and ethical aspects. 3. Social problems. I. White, Mark D., 1971– HB95.A25 2010 174—dc22 2010015501 A catalogue record of the book is available from the British Library. Design by Newgen Imaging Systems (P) Ltd., Chennai, India. First edition: November 2010 10 9 8 7 6 5 4 3 2 1 Printed in the United States of America. Copyright material from www.palgraveconnect.com - licensed to ETH Zuerich - PalgraveConnect - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White 9780230102491_01_prexvi.indd iv 9/6/2010 1:17:12 PM Dedicated to the memory of Daniel C. Kramer (1934–2010), an exemplary scholar, colleague, mentor, and friend. Copyright material from www.palgraveconnect.com - licensed to ETH Zuerich - PalgraveConnect - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White 9780230102491_01_prexvi.indd v 9/6/2010 1:17:12 PM This page intentionally left blank Copyright material from www.palgraveconnect.com - licensed to ETH Zuerich - PalgraveConnect - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White Contents Preface and Acknowledgments ix Mark D. White Notes on the Contributors xiii 1 Markets and Dignity: The Essential Link (With an Application to Health Care) 1 Mark D. White 2 Markets, Discovery, and Social Problems 23 John Meadowcroft 3 Economic Freedom and Global Poverty 43 James D. Gwartney and Joseph S. Connors 4 Don’t Let the Best Be the Enemy of the Good: A Stoic Defense of the Market 69 Jennifer A. Baker 5 Ethics in the Mayan Marketplace 87 Benjamin Blevins, Guadalupe Ramirez, and Jonathan B. Wight 6 Philanthropy and the Invisible Hand: Hayek, Boulding, and Beyond 111 Robert F. Garnett, Jr. - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright 7 Life in the Market Is Good for You 139 Deirdre Nansen McCloskey 8 Doing the Right Things: The Private Sector Response to Hurricane Katrina as a Case Study in the Bourgeois Virtues 169 Steven Horwitz Index 191 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White 9780230102491_01_prexvi.indd vii 9/6/2010 1:17:12 PM This page intentionally left blank Copyright material from www.palgraveconnect.com - licensed to ETH Zuerich - PalgraveConnect - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White Preface and Acknowledgments Mark D. White Markets are hard to appreciate. —Gary Becker In an interview in The Wall Street Journal in early 2010, Gary Becker, professor at the University of Chicago, fellow at the Hoover Institution, and Nobel laureate in economics, explained how people tend to have distrust of markets, despite the tremendous increases in standards of living enabled by them: People tend to impute good motives to government. And if you assume that government officials are well meaning, then you also tend to assume that government officials always act on behalf of the greater good. People understand that entrepreneurs and investors by contrast just try to make money, not act on behalf of the greater good. And they have trouble seeing how this pursuit of profits can lift the general standard of living. The idea is too counterintuitive. So we’re always up against a kind of in-built suspicion of markets. There’s always a temp- tation to believe that markets succeed by looting the unfortunate.1 It is the purpose of this book to help show that markets indeed do not succeed at the expense of others—that commerce is rarely a zero- sum game—and that markets not only serve to increase wealth and standards of living, but can also be effective means of helping alleviate social problems, as well as enhancing human life in ways deeper and - 2011-04-15 - PalgraveConnect - licensed to ETH Zuerich www.palgraveconnect.com material from Copyright more meaningful than material satisfaction (important though that is, especially in developing countries). The contributors to this book are drawn from a wide variety of fields and specializations, and each provides a unique perspective on the social benefits of the market. All of the chapters in this book focus on positive arguments for markets, eschewing well-known criti- cisms of the efficiency, efficacy, or ethics of state intervention in the economy. Readers who are looking for those arguments can easily 10.1057/9780230114319 - Accepting the Invisible Hand, Edited by Mark D. White 9780230102491_01_prexvi.indd ix 9/6/2010 1:17:12 PM x PREFACE AND ACKNOWLEDGMENTS find them elsewhere—possibly even written by some of the present contributors—but the chapters in this book argue the case for mar- kets, not the case against government. In my chapter, for instance, I argue that the most essential feature of markets is not their capacity for wealth creation or efficiency, but rather that they embody respect of the dignity of persons as described by the philosopher Immanuel Kant. I then apply this analysis to the case of health care, arguing that rather than representing an inap- propriate use of the market, the intimately personal choices that are made in the realm of health care necessitate a market setting in which they can be made by patients themselves. Along similar lines, John Meadowcroft argues that market-based solutions to social problems are preferable to political ones because they are more responsive to the diversity of individual preferences, and he uses the examples of smoking regulations and education to illustrate his point. James Gwartney and Joseph Connors provide theoretical argu- ments and evidence, based on World Bank poverty rates and the Economic Freedom of the World index, that economic freedom, including a strong reliance of markets, not only increases wealth in countries around the globe but also lowers their poverty rates, coun- tering the frequent charge that the spread of free markets benefits the wealthy at the expense of the poor. Jennifer Baker provides a philo- sophical complement to Gwartney and Connors’ chapter, suggest- ing that Stoic ethics, with
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