Markets and Society

Asad Zaman

No 2016:136, PIDE-Working Papers from Pakistan Institute of Development Economics

Abstract: In face of the strong conflict between market norms and social norms, peaceful co-existence is impossible. In traditional societies, markets were subordinated to society. Modern society emerged via a number of revolutions which made society subordinate to markets. This led to a reversal of traditional values of social cooperation and harmony with nature. Instead, men, nature, society became objects to be exploited for creating profits. A market society generates profits by exploiting men and nature, and requires increasing profits to sustain itself. This process has run into its limits as planetary resources are being destroyed on a scale large enough to threaten the planet. Saving the planet requires reversing the transition to modernity by subordinating markets to society. This is a difficult task.

JEL-codes: B2 Q5 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2016
New Economics Papers: this item is included in nep-pke
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