Markets and Moral Formation: It’s Time for an Empirical Turn

Abstract

To date, arguments about how markets morally form us have tended to be theoretical in nature, relying on anecdotes and contestable philosophical interpretations of economic concepts and practices. This has often resulted in the two sides speaking past each other. This essay argues that it is time to move the discussion to more empirical grounds, by engaging behavioral research on decision-making in different economic contexts. Instead of asking whether markets corrupt or support our character, this research enables us to ask—and begin to answer—“under what conditions do markets work against virtue?” This essay illustrates this through a consideration of scholarship available on the moral influence of reputation and competition.