Daniel Markovits on ‘Market Solidarity’ – FU Berlin, 26 May 2014

Lawyers, economists, and even philosophers conventionally understand markets as technologies for distributing goods across persons in the service of efficient investment, production, and (ultimately) consumption. But markets also serve a second function, which is very different and equally substantial. Market orderings establish an important and free-standing site of social cohesion. Market solidarity — as market based social cohesion might be called — exerts a powerful centripetal force that sustains order against the centrifugal forces that constantly threaten to tear cosmopolitan societies apart. Market solidarity, moreover, is not merely second-best. Rather, commercial self-interest achieves what political virtue cannot … (more)

[Private Law Theory . net, May]

First posted 2014-05-07 12:15:11

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