The Moral Economy Reconsidered

Sure to be controversial and spur debate, this book presents a powerful analysis of rural change to marketization and globalization. Using Russia as a case study, it examines the how the rural population responded to reform policies during the transition away from communism. Wegren draws upon extensive field work, survey data, interviews, and wide-ranging Russian language source material to investigate adaptive behaviours by different groups of the rural population. The differentiated and nuanced analysis sheds considerable light on debates over whether actors are motivated mainly by rational or moral considerations.

This book investigates why people are willing to support an institutional arrangement that realises large-scale redistribution of wealth between social groups of society. Steffen Mau introduces the concept of 'the moral economy' to show that acceptance of welfare exchanges rests on moral assumptions and ideas of social justice people adhere to. Analysing both the institution of welfare and the public attitudes towards such schemes, the book demonstrates that people are neither selfish nor altruistic; rather they tend to reason reciprocally.

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Like nature itself, modern economic life is driven by relentless competition and unbridled selfishness. Or is it? Drawing on converging evidence from neuroscience, social science, biology, law, and philosophy, Moral Markets makes the case that modern market exchange works only because most people, most of the time, act virtuously. Competition and greed are certainly part of economics, but Moral Markets shows how the rules of market exchange have evolved to promote moral behavior and how exchange itself may make us more virtuous. Examining the biological basis of economic morality, tracing the connections between morality and markets, and exploring the profound implications of both, Moral Markets provides a surprising and fundamentally new view of economics--one that also reconnects the field to Adam Smith's position that morality has a biological basis. Moral Markets, the result of an extensive collaboration between leading social and natural scientists, includes contributions by neuroeconomist Paul Zak; economists Robert H. Frank, Herbert Gintis, Vernon Smith (winner of the 2002 Nobel Prize in economics), and Bart Wilson; law professors Oliver Goodenough, Erin O'Hara, and Lynn Stout; philosophers William Casebeer and Robert Solomon; primatologists Sarah Brosnan and Frans de Waal; biologists Carl Bergstrom, Ben Kerr, and Peter Richerson; anthropologists Robert Boyd and Michael Lachmann; political scientists Elinor Ostrom and David Schwab; management professor Rakesh Khurana; computational science and informatics doctoral candidate Erik Kimbrough; and business writer Charles Handy.

Is there a moral economy of capitalism? The term "moral economy" was coined in pre-capitalist times and does not refer to economy as we know it today. It was only in the nineteenth century that economy came to mean the production and circulation of goods and services. At the same time, the term started to be used in an explicitly critical tone: references to moral economy were normally critical of modern forms of economy, which were purportedly lacking in morals. In our times, too, the morality of capitalism is often the topic of debate and controversy. "Moral Economies" engages in these debates. Using historical case studies from the eighteenth, nineteenth, and twentieth centuries the book discusses the degree to which economic actions and decisions were permeated with moral, good-vs-bad classifications. Moreover it shows how strongly antiquity's concept of "embedded" economy is still powerful in modernity. The model for this was often the private household, in which moral, social, and economic behavior patterns were intertwined. The do-it-yourself movement of the late twentieth and early twenty-first centuries was still oriented towards this model, thereby criticizing capitalism on moral grounds.

A radical reinterpretation of Adam Smith that challenges economists, moral philosophers, political theorists, and intellectual historians to rethink him—and why he matters Adam Smith has long been recognized as the father of modern economics. More recently, scholars have emphasized his standing as a moral philosopher—one who was prepared to critique markets as well as to praise them. But Smith’s contributions to political theory are still underappreciated and relatively neglected. In this bold, revisionary book, Paul Sagar argues that not only have the fundamentals of Smith’s political thought been widely misunderstood, but that once we understand them correctly, our estimations of Smith as economist and as moral philosopher must radically change. Rather than seeing Smith either as the prophet of the free market, or as a moralist who thought the dangers of commerce lay primarily in the corrupting effects of trade, Sagar shows why Smith is more thoroughly a political thinker who made major contributions to the history of political thought. Smith, Sagar argues, saw war, not commerce, as the engine of political change and he was centrally concerned with the political, not moral, dimensions of—and threats to—commercial societies. In this light, the true contours and power of Smith’s foundational contributions to western political thought emerge as never before. Offering major reinterpretations of Smith’s political, moral, and economic ideas, Adam Smith Reconsidered seeks to revolutionize how he is understood. In doing so, it recovers Smith’s original way of doing political theory, one rooted in the importance of history and the necessity of maintaining a realist sensibility, and from which we still have much to learn.

It then identifies specific characteristics that moral beliefs must have for the people who possess them to be regarded as trustworthy.