Market Society in “What Money Can’t Buy” by Sandels

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Table of Contents

Market Economy Vs Market Society
Market Societies and Decision-Making
Examples of Decision-Making
Things Money Should Not Buy
Money as the Measure of All Things
Market and the Public Good
Conclusion
Work Cited

Market Economy Vs Market Society

Sandel argues that some modern societies are at a high risk of becoming market societies. The distinction between such concepts as the market economy and market society is quite clearly outlined in the book. Sandel emphasizes that the market economy is a valuable tool “for organizing productive activity” while market society is the society where market values prevail (10). Thus, the author states that the market economy is a positive creation of people while the use of market values in all aspects of people’s life is a negative and even destructive trend.

Market Societies and Decision-Making

The author also thinks that market societies cannot be characterized by proper and effective decision-making. The author provides various examples of situations when economic gains are associated with an adverse impact on the development of society. In many cases, short-term wins for some groups of people result in significant negative long-term effects on a larger population. It is necessary to remember that power is distributed disproportionately, which contributes to the development of the market society as the privileged group focuses on certain economic gains.

Examples of Decision-Making

The example of public hearings and the way line-standing services are used by “corporate lobbyists” are illustrative as it is clear that some groups’ economic gains are put to the fore while the public good is often neglected (Sandel 24). In this example, the private consumer attitude benefits the development of some businesses. It can also have short-term gains for the community as lobbying some interest can positively affect the employment rate and the overall development of communities. However, the neglected concerns of environmentalists can be associated with negative (or even dramatic) effects on the community or the country.

Things Money Should Not Buy

I agree with Sandel’s viewpoint as there are various things money cannot buy. I believe many things should be done in an altruistic manner. It is often important to do something without expecting any gains. For instance, Mr. Everyman should try to be environmentally responsible without expecting any payment or other gains. He should understand that these improvements will be beneficial not only for the planet someday but for him and his family here and now. Another example of where market values are harmful is the sphere of relationships. People should focus on such values as empathy, collaboration, openness rather than some interest.

Money as the Measure of All Things

There are various spheres where market values are inappropriate. One of these is personal achievement and growth. People’s lives and identities are often evaluated through simple calculations of their income. How successful is a person? The answer is often associated with money earned. However, it is much more important to assess the person’s input and contribution to the development of the community. For instance, it is possible to estimate the number of people this or that individual serves (effectively).

Market and the Public Good

Unfortunately, the market is unlikely to bring us to the public good by itself. The major market value is the gain, but it is always translated into money. The public understanding of the good should be developed separately as the market will inevitably bring money as the major assessment criterion. The concept of gain is beneficial if people understand that the gain is the development of individuals, communities, and societies.

Conclusion

In conclusion, it is possible to note that Sandel outlines the major threats modern societies are facing. The author stresses that market societies are driven by the focus on gains of a limited number of people. The arguments provided help people see what can become of their lives or their children’s future. It is high time to shift from the market society to the moral society that will focus on sustainable development in all aspects of people’s lives.

Work Cited

Sandel, Michael J. What Money Can’t Buy: The Moral Limits of Markets. Farrar, Straus and Giroux, 2013.

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