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What Money Can't Buy: The Moral Limits of Markets
Download Ebook What Money Can't Buy: The Moral Limits of Markets
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Audible Audiobook
Listening Length: 7 hours and 28 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Macmillan Audio
Audible.com Release Date: April 24, 2012
Whispersync for Voice: Ready
Language: English, English
ASIN: B007WZU470
Amazon Best Sellers Rank:
Given who Sandel is and his previous body of work, I bought this book expecting a deeper exploration about the morality of economics and the limits of its underlying utilitarian framework (and its implicit mathematical ordering eg Pareto optimality and the like). Instead, Sandel generally picks interesting - but extreme - cases such as paying drug addicts to undergo sterilization to make two narrow points about markets corrupting that which is traded or making an assumption that willingness to pay can be divorced from ability to pay. In addition, he doesn’t do much to deepen his analysis of these two points - he merely points out a myriad of situations where they are present. Consequently, while his argument is valid and interesting, a lack of breadth and depth made this purchase less satisfying than it could have been.
Having seen Michael Sandel on TV and having found his intellectual clarity and gifts breath taking I simply had to read something he had written. This book is no disappointment. His writing on the subject of economic views on life is brilliant. Clear, easy to follow and profoundly challenging as he discusses the awful reality of the commodification of much of life in the western world . His chapter on gifts and their meaning alone is enough to recommend this book as a great read for anyone who has some issues with the way the world in the west is heading. He argues for a human side to our deliberations. The need for compassion rather than an economic explanation for everything.
Michael Sandel is unsurpassed in writing books that are delightfully accessible while being intellectually rigorous. What Money Can't Buy lacks the academic references to classical thinkers that were in his book Justice: What's the Right Thing to Do, which is a shame, but it is still one of the most thought-provoking books I have read in a long time.Sandel's subject is money, specifically how monetary incentives and disincentives are being used today in a wide array of realms where money was not a factor in the past. Sandel is a philosopher, not an economist or political scientist, and so he asks, "What does this mean? And why should I care?" As he says in the introduction, "to decide what money should--- and should not ---be able to buy, we have to decide what values should govern the various domains of social and civic life. How to think this through is the subject of this book."To explore the implications of the expansion of the role of markets in our lives, What Money Can't Buy considers two primary aspects: fairness and corruption. The first aspect, fairness, is the more obvious: a wealthier individual will not be affected by a societal incentive/disincentive as much as a poor one. Granted, true, but I do not need a Harvard professor to tell me so. The second aspect is the more interesting: does the use of monetary factors corrupt our sense of values? Are there basic human rights and feelings that should be immune from market manipulation? An interesting example is that of a Swiss town that was a potential site for a nuclear waste dump. The town was a very good site for such a facility, and 51% of the town residents said they would accept it. They were then asked if they would accept the dump if authorities offered to pay an annual inducement of over $8000 per person. The rate of acceptance fell from 51% to 25%. Apparently the residents did not like having the issue turned from one of civic altruism into a pecuniary matter. People do believe that there are issues in which money should not play a role.The book's prolific examples range from Bruce Springsteen concert tickets to paying for an upgraded prison cell (!) to cap-and-trade. I especially loved the Springsteen example. People were scalping tickets to a Springsteen concert in New Jersey; you may or may not feel this is unethical. However, if you are also told that Springsteen deliberately kept ticket prices low because he is from NJ and wanted ordinary people to be able to come, AND this cost him an estimated $4 million in ticket revenue, does this affect your opinion?Although I thought Sandel's examples were well-chosen, thought-provoking, and enjoyable, I wish the actual discussion of the philosophical implications of the lessons to be learned had been more extensive. He made ME think, but I'd like to have heard more about what HE thinks. The book was fairly short and over too soon.
Sandel's book provides a key insight into the shift and influence of the Neo-Liberal (total faith in the free market) trend in economics. In his intro he provides a powerful statement into this shift. He states that "we" may be moving from a society that has a market-driven economy to a free-market society. The distinction is very important because the shift means that many aspects of our society (procreation, pollution, education, etc.) that are value-laden are now treated as commodities like soap, cars and pork-bellies.Sandel offers no solutions, but provides key arguments on both sides showing what a slippery slope this trend is. His analysis is excellent in showing the issue underlying each argument, and in doing so, the reader can cut through the brambles of rhetoric and view the issue in clearer terms. His writing is clear and, as mentioned above, he provides no answers, but rather forces the reader to come to their own position given all the "facts." This is a must read for people to begin to think about important moral decisions in this society and not be swayed by loud-mouthed media "pundits."
Sandel has all the credentials that make for a fine commentary on modern American commercial society. His deep sense of what constitutes justice informs his many examples in the book of how businesses and corporations have stolen the public arena for their advertisements. He clearly describes how this creeping phenomenon has taken over the commons and usurped public spaces for their capitalistic messages. According to dispassionate marketing theories, these intrusions make sense, in the context of maximizing efficiency and promoting the common good. Sandel points out, however, that the cost is a loss of fairness and a warped idea of what community should be.
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