Book Review: Morality of Markets

Presents a unique compilation of essays by distinguished economist, ethicists and theologians that explores the moral and ethical foundations of the free market. The book overwhelmingly supports the fundamental morality of government interventions in capitalist acts among consenting adults. The notion that private property and market exchanges are inherently unjust is systematically disproved, both from the economic and philosophical perspective.
The essays comprehensively address critical issues ranging from the underlying ethics of voluntary exchange, morality in commerce and the corporation, the immorality of state intervention, and the role of markets in the teachings of major world religions.
Gurcharan Das in his foreword underscores the relevance of this approach: "Our animus against capitalism may have diminished after communism's fall; increasingly, some Indians may also agree that markets do indeed deliver greater prosperity; but most Indians still think that capitalism is not a moral system".
Hence this book is timely. We have already tasted significant benefits of competition in recent years; we have also experienced enough economic liberty for a decade to be more receptive to ideas of this book.
Parth J Shah is the founder president of the Centre for Civil Society: an independent, nonprofit, research and educational think-tank based in New Delhi. He received his B. Pharm. From M. S. University, Baroda and Ph.D. in economics from Auburn University in the USA. He taught economics in the University of Michigan at Dearborn before returning to India to start the Centre for Civil Society. He has published academic article in the areas of development economics, welfare economics, business cycle theory, free or laissez-faire banking and currency board systems. In India his research has focused  on private initiatives and reform in the education system and property rights approach to environmental problems and natural resource management. He is the youngest Indian member of the Mont Pelerin Society, the premier international association of classical liberals.
Book Review By: Santanu Ganguly (He is a Delhi based freelance writer and a film festival curator, he can be reached at 91-9818649854 or santanugangopadhyay@gmail.com). To read original article visit: http://www.bihardiary.com/shownews.asp?id=1871

Publication: 
Bihar Diary
Publication Date: 
20 July 2010