Chapter

Institutions and Morality: An Economist's Appraisal

Alan Hamlin

in Making Globalization Good

Published in print April 2003 | ISBN: 9780199257010
Published online November 2003 | e-ISBN: 9780191596223 | DOI: http://dx.doi.org/10.1093/0199257019.003.0004
 Institutions and Morality: An Economist's Appraisal

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Here, Alan Hamlin revisits some of his earlier work on the moral basis, scope, and evaluation of markets, and extends his analysis to a global setting by considering both the international market place and its institutional foundations. His key questions are how does the changing form and extended geographical radius of the market (for goods, services, information, and capital) affect the morality of the market and other institutions of global capitalism, and how should these considerations influence the debate on the design of the political landscape? Hamlin believes that an evolutionary, bottom‐up, and multicultural approach towards achieving more responsible and sustainable global capitalism offers the best promise, and that an upgrading of virtue to allow for moral motivations, and a more meaningful dissemination and exchange of this virtue across national boundaries (rather than the ‘economize on virtue’ market approach), is an essential prerequisite to building a more integrated global society.

Keywords: global capitalism; global market place; global society; institutions; international market place; markets; morality; motivation; multiculturalism; responsibility; responsible global capitalism; sustainability; sustainable global capitalism; virtues

Chapter.  7702 words. 

Subjects: International Economics

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