The Market Economy and its Ethical Infrastructure

Marie Bohata

Chapter 1 in Welfare States in Transition, 1999, pp 3-15 from Palgrave Macmillan

Abstract: Abstract The modern theory of economic systems employs three criteria for the definition of an economic system: Criterion of ownership and control: who participates in the process of economic planning, decision-making, as well as controlling production, distribution and consumption? Criterion of information and coordination: with the help of which system of information are individual decisions coordinated? Criterion of motivation: what motivates economic actors in setting up and pursuing their goals?

Keywords: Business Ethic; Market Economy; Welfare State; Profit Motive; Social Legitimacy (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-0-230-37151-4_1

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DOI: 10.1057/9780230371514_1

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