Market and morality

All Along the Watchtower


A nation is more than an economic alliance, it is more than the sum of the individuals belonging to it, its people share values, assumptions, a history – hopes, and fears. The Market knows nothing of these things, the Market seeks to maximise profit. We were told that the ‘trickle down’ effect would mean that everyone would, in some way, profit from the dominance of the Market; morality – what did that have to do with the Market? It is not, then, surprising that in a society where the Market has been dominant for a couple of generations, we should face a crisis of morality. The crash of 2008 was an example of what happens to a Market where morality is absent. Why should those operating it not seek to maximise profit? Why should they make less money for themselves than they could by not offering mortgages to those who…

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