What Money Can't Buy audiobook cover - The Moral Limits of Markets

What Money Can't Buy

The Moral Limits of Markets

Michael J. Sandel

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Economics

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What Money Can't Buy
Spread of Market Thinking+
Implications for Social Justice+
Corruption of Values+
Displacement of Social Norms+
Blind Spots of Economics+
Defining Boundaries+

Quiz — Test Your Understanding

Question 1 of 8
According to the text, why has market thinking expanded so significantly into various social spheres over the past three decades?
  • A. Governments globally mandated the privatization of essential public services.
  • B. Free markets proved to be highly efficient mechanisms for generating wealth, leading people to broadly accept them.
  • C. Philosophers argued that commodification naturally increases social harmony and reduces conflict.
  • D. The financial crisis of 2008 completely destroyed public trust in non-market institutions.
Question 2 of 8
How does the widespread adoption of market thinking primarily impact social justice?
  • A. It equalizes opportunities by allowing anyone to purchase premium services regardless of social class.
  • B. It forces affluent individuals to financially subsidize essential services for the poor.
  • C. It increases inequality and can coerce the poor into degrading exchanges, such as selling body parts, just to survive.
  • D. It eliminates the need for charitable organizations by creating a self-sustaining, fully employed economy.
Question 3 of 8
What is the primary moral concern raised in the text regarding charging admission for Fourth of July fireworks?
  • A. It violates federal laws regarding the celebration of public holidays.
  • B. It creates an unfair financial monopoly for the city's private event organizers.
  • C. It degrades the event's intended values of independence and freedom, which are meant to be a gift to all.
  • D. It inevitably causes the event to become overly commercialized with corporate sponsorships.
Question 4 of 8
What was the unintended consequence of an Israeli child-care center introducing fines for parents who picked up their children late?
  • A. Late pickups decreased significantly as parents wanted to avoid the new financial penalty.
  • B. Late pickups increased because the fine replaced the moral guilt of making teachers wait with a transactional fee.
  • C. Parents began withdrawing their children from the center in protest of the strict new rules.
  • D. The center generated enough revenue to hire additional staff for the evening shifts.
Question 5 of 8
How do mainstream economists typically view the concept of altruism compared to philosophers like Aristotle and Rousseau?
  • A. Economists view altruism as a finite resource to be conserved, while philosophers view it as a capacity that grows with practice.
  • B. Economists believe altruism is the primary driver of the free market, while philosophers believe self-interest is.
  • C. Economists argue altruism should be heavily taxed, while philosophers believe it should be subsidized by the state.
  • D. Economists see altruism as an infinite resource, whereas philosophers warn that it can be easily depleted by overuse.
Question 6 of 8
According to the text, what is the only moral theory present in the economic theories that fuel market thinking?
  • A. Virtue ethics
  • B. Deontology
  • C. Utilitarianism
  • D. Egalitarianism
Question 7 of 8
How does the author suggest society should handle the moral ambiguity of market-based policies, such as paying children to read books?
  • A. We should universally ban all monetary incentives in education to protect children's intrinsic values.
  • B. We must evaluate each case individually, weighing the practical benefits against the moral problems.
  • C. We should defer to mainstream economists to determine the most financially efficient outcome.
  • D. We should implement these policies only in private institutions where market norms are already established.
Question 8 of 8
What is the ultimate solution proposed in the text to keep market thinking from invading areas of life where it doesn't belong?
  • A. Passing strict federal legislation to ban the privatization of public goods and services.
  • B. Having a serious, democratic public debate about our values and what constitutes the 'good life.'
  • C. Replacing all free-market systems with state-run economic planning.
  • D. Boycotting companies that attempt to commodify the human body or civic duties.

What Money Can't Buy — Full Chapter Overview

What Money Can't Buy Summary & Overview

The blinks to What Money Can´t Buy (2013) explain how market-driven thinking – like the introduction of incentives and making everything available for a price – has snuck into almost every sphere of our lives. This means we are often suddenly confronted by serious moral concerns when market morality manifests itself in an area where it doesn’t belong.

Who Should Listen to What Money Can't Buy?

  • Anyone interested in economics, morality and the way they intersect
  • Anyone interested in a critique of the market-driven thinking that has gone unquestioned for three decades
  • Anyone who has a view on what kind of society they want to live in
  • Anyone who believes everything should be for sale

About the Author: Michael J. Sandel

Michael J. Sandel is a professor of government at Harvard University as well as a political philosopher. He has been an influential author in the field of justice and ethics for three decades and is famous for his free online course, Justice: What's the Right Thing to Do?

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