In his new book, What Money Can’t Buy, American political philosopher and Harvard professor Michael J Sandel talks about the moral limits that have been blurred over time: Tehelka
What is the difference between a market economy and a market society?
In recent decades, we have drifted, almost without realising it, from having a market economy to becoming market societies. The difference is this: a market economy is a tool — a valuable and effective tool — for organising productive activity. But a market society is a place where almost everything is up for sale. It is a way of life, in which money and market values dominate every aspect of life — not only material goods, but family life and personal relationships; health and education; politics and civic life. What Money Can’t Buy does not argue against a market economy; it argues that we need to keep markets in their proper place.