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Markets and Public Goods: Integrity, Trust, and Climate Change

AbstractPublic goods are an anomaly in neoclassical economics, a form of ‘market failure’. They exist outside the efficient and equitable optimality of market exchange. It can be shown however that competitive markets are only efficient in short product cycles. Long-term objectives require social support. Corruption arises from the consequent private public interaction. Integrity, the absence of corruption, is a public good. Corruption has risen since the 1980s with privatization and outsourcing. How did European governments become honest in the first place? In the century after the 1770s, they moved from regarding public office as a form of private property to a conception of serving the public good. This integrity revolution was facilitated by Weberian bureaucracies, selected by academic merit and committed to impartiality by long-term incentives. The neoliberal revolution of the 1980s regarded bureaucracies as obstructive and slow. It admired the business corporation with its opaque procedures and charismatic leadership. Concurrently economics moved from neoclassical harmony theory to an asymmetric information model of ‘opportunism with guile’, providing doctrinal legitimacy for corruption. Corporate advertising is deliberately deceptive, and undermines the public good of trustworthiness. Digital platforms, powered by advertising, have subverted public discourse. Misinformation and disinformation have become prime risk factors for current societies. The practical operation of markets undermines the public goods of integrity and trustworthiness. The public good of a habitable climate cannot be achieved by market methods. For long-term payoffs, ‘free markets’ are a harmful delusion, inefficient, corrupt, impossible to achieve, and not sustainable.

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Does Philosophy Need to Know Its History?

AbstractThe point of doing the history of philosophy is to confront that which is completely foreign to us and seems unassimilable, in the hope of thereby getting some distance from our own form of life, and of learning to treat what is alien on its own terms. This is more difficult to do than might first seem to be the case, because of our almost irresistable tendency to assimilate that which is radically different to that which seems familiar to us. In history, one of the major forms this takes is anachronism. How can one avoid making them-then too much like us-now? The motivation for doing the history of philosophy is, therefore, basically ethical and political. In a society characterised by the division of labour, it is perfectly permissible for individual philosophers to pursue different goals, and deploy different parts of the huge corpus of knowledge which we have at our disposal. There is no need for each individual philosopher to integrate the study of the history of philosophy into each of their individual projects. The essay leaves it to the judgment of the reader to decide to what extent the active, sympathetic engagement with the alien is an ethical and political goal which is desirable — perhaps even so desirable as to count as a demand. In any case, this is a demand on the institution, not on individuals. Even if one thought that it was highly advisable that the history of philosophy form an integral part of the discipline of philosophy, it is hard to see this as a “necessity”.

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