Tag Archives: Moral responsibility

There’s No Such Thing As Markets

Back in 1987 Margaret Thatcher very famously made the following comments in an interview with Woman’s Own magazine.

“I think we’ve been through a period where too many people have been given to understand that if they have a problem, it’s the government’s job to cope with it. ‘I have a problem, I’ll get a grant.’ ‘I’m homeless, the government must house me.’ They’re casting their problem on society. And, you know, there is no such thing as society. There are individual men and women, and there are families. And no government can do anything except through people, and people must look to themselves first. It’s our duty to look after ourselves and then, also to look after our neighbour. People have got the entitlements too much in mind, without the obligations. There’s no such thing as entitlement, unless someone has first met an obligation.”

Well, surely the same argument applies to the concept of ‘markets’. If the concept of ‘society’ is not legitimate because ‘society’ is just made up of millions of individuals making their individual choices, then surely ‘markets’ don’t exist either?

Indeed, Neoliberal economic theology rests on the proposition that our combined individual choices will inevitably bring about the common good. Which seems to contradict Thatcher’s assertion that our individual choices and decisions remain individual and don’t have collective outcomes. Continue reading

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