Markets and morals

1. Markets and morals

2. Markets and morals

Should we let our economy run on its own dynamics?
Should there be any regulation? Should markets be free or
fair? Or can free markets be fair at the same time?
Do laws that interfere with the free market violate
individual freedom?
Are there/should there be goods that money can’t buy?

3. Markets and morals

Libertarian argument for the markets: it is always dangerous to have a central
planning over the markets. State or government control over the markets eventually
leads to freedoms being diminished – not only in economic life but also in political
life. Controlled economy/command economy paves the way for tyranny.
Let the markets find its own balance/justice.
Small size government in the economy
Welfare argument for the markets: it is preferable to regulate markets because
regulation creates fair conditions for citizens to enter the “market competition”.
Equality of opportunity
Justice – fair distribution of goods and services.
Big size government in the economy

4. Libertarian argument

Market dynamics: Justice resides on the supply-demand curve. When markets are
left alone to run itself, it will eventually lead to a balancing point; the adjustments
and fluctuations on the curve will demonstrate the markets’ search for justice.
It is not only the markets but society itself should be based on market dynamics.
After all, society is nothing but an aggregate of market interactions – individuals
owe no duties to the community, except their contributions to its economic
progress by buying and selling.
Private property is the essence of freedom/individuality/difference.
Free markets lead to pluralism of ideas, ideologies, opinions, worldviews, peoples,
cultures, etc.

5. Welfare argument

Fair distribution of goods is not incompatible with freedom.
Equality and freedom are co-constitutive rather than conflictual.
Higher standards of living for all can only be provided if government takes certain
actions in the economy.
These actions could be: free education, free healthcare, affordable public
transportation, strong pension system, strong social security and insurance, strong
welfare policies to support the poor as opposed to (neo)liberal idea of charity.
More stable economy, less prone to crises.

6. Crısıs sıtuatıons

If we agree with free market economy argument (libertarian) for
ordinary times, should its norm be applied in extraordinary times as
well?
Should markets be left alone even in times of emergencies?
Can government actions be justified for such alarming situations?

7.

8. Price gaugıng

The taxi driver case in Istanbul Ataturk Airport:
Free market economy – drivers can charge their customers as high as they want. Better
than no taxis available in times of emergencies.
It is not (morally) wrong to take advantage of the people in need of certain goods and
services in times of emergencies.
State/government intervention is an interference to freedom of exchange between sellers
and buyers.
Free markets can promote the general welfare of society as a whole.
Free markets respect individual freedom.

9. Prıce gaugıng

Should the action of the taxi drivers be forbidden? Banned by law? Deemed
illegal? Why?
How “free” markets actually are in reality?
Certain goods are bought not out of freedom or preferences but out of necessities in hard
times. Picking up a taxi to run away from a terrorist attack is not a preference or freedom
of choice; it is an action out of a vital necessity: to save one’s life.
VIRTUE argument:
Is greed a civic virtue or a personal vice? In times of emergencies, civic action would be a
form of solidarity instead of self-interest.
“A society in which people exploit their neighbors for financial gain in times of
crisis is not a good society. Excessive greed is therefore a vice that a good society
should discourage if it can.”
Laws may not erase greed, but they can restrain greedy people.

10. Affırmatıve actıon

Supporting the oppressed, systematically impoverished, the poor, minority, those
being discriminated or historically segregated, and enslaved in the working
environment.
Women
Black American citizens
Minorities
People with disabilities
Is affirmative action morally good? Duty, utility, virtue?
https://www.youtube.com/watch?v=AUhReMT5uqA