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Are Markets Moral? This page intentionally left blank Are Markets Moral? Edited by Edward Skidelsky Lecturer, University of Exeter, UK and Robert Skidelsky Emeritus Professor of Political Economy, University of Warwick, UK Selection, introduction and editorial matter © Edward Skidelsky and Robert Skidelsky 2015 Individual chapters © contributors 2015 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identifi ed as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2015 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978–1–137–47273–1 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. Typeset by MPS Limited, Chennai, India. Contents Preface and Acknowledgement vi Notes on the Contributors vii Introduction 1 Session 1: Restraining Insatiability 8 Robert Skidelsky 8 Perry Anderson 15 Robert H. Frank 21 Discussion 32 Session 2: Equality and Corruption 44 Steven Lukes 44 Glen Newey 55 Discussion 65 Session 3: The Moral Limits of Markets 77 Edward Skidelsky 77 John Milbank 86 Discussion 96 Session 4: The Meaning of Money 103 Felix Martin 103 Geoffrey Hosking 117 David Graeber 125 Discussion 137 Index 145 v Preface and Acknowledgement The symposium ‘Markets and Morals’ took place over four sessions in London on 23 May 2013. Transcripts were made of the presentations and the discussion to which they gave rise. What the editors have done here is to reproduce the corrected presentations and give a fl avour of the discussion. We would like to thank: the House of Lords for making the conference room available and for providing refreshments; the Centre for Global Studies (CGS), which made the symposium fi nancially possible; Nan Craig and Pete Mills of CGS, who handled the logistics; Ubiqus, for transcription services; and of course all those who attended, either as main speakers or discussants. EDWARD and ROBERT SKIDELSKY Acknowledgement: the material on pages 117 to 125 draws on material from Chapter 4 ‘Money: Creator and Destroyer of Trust’ in Trust: A History by Geoffrey Hosking (2014) by permission of Oxford University Press. vi Notes on the Contributors Showkat Ali is a PhD student in philosophy at University College London, UK. His research interests are in ethics and political philosophy, in particular consequentialism, non-consequentialism, equality and distributive justice. Perry Anderson is one of the most infl uential fi gures on the intellectual Left. He is Professor of History and Sociology at the University of California, Los Angeles (UCLA), USA, and a former editor of the New Left Review. His books are seminal contributions to political theory and include, among others, Spectrum, Lineages of the Absolutist State, Passages from Antiquity to Feudalism, Considerations on Western Marxism, English Questions, The Origins of Postmodernity, The Indian Ideology, and most recently American Foreign Policy and Its Thinkers. Philip Blond founded ResPublica in 2009 and is an academic, journalist and author. Prior to entering politics and public policy he was Senior Lecturer in Theology and Philosophy – teaching at the Universities of Exeter and Cumbria in the UK. He is the author of Red Tory (2010), which sought to redefi ne the centre-ground of British politics around the ideas of civil association, mutual ownership and shared enterprise. His ideas have infl uenced the agenda around the Big Society and civil renewal and have helped to redefi ne British and international politics. He has written extensively in the British and foreign press including the Guardian, the Independent, the Observer, The Financial Times, Prospect, the New Statesman and The New York Times. vii viii Notes on the Contributors Richard Bronk is a writer and part-time academic, with particular expertise in the history of ideas, the philosophy of economics, comparative corporate governance and European political economy. Educated at Merton College, Oxford, he then spent seventeen years in the City of London. Between 2000 to 2007 he was a Teaching Fellow at the European Institute,London School of Economics and Political Science, UK. Since 2007 he has been a Visiting Fellow at the Institute. Richard is also a Fellow of the Royal Society of Arts. His research interests centre on the role of imagination, language and metaphor in economics, the dangers of economic monoculture and the epistemology of markets. He is author of Progress and the Invisible Hand: The Philosophy and Economics of Human Advance (1998) and The Romantic Economist: Imagination in Economics (2009). Nan Craig is Programmes and Publications Director at the Centre for Global Studies, a think-tank that aims to publish work on economics that refl ects a broad, pluralistic approach. She has written fi ction and non- fi ction for the New Statesman, Arc magazine and the New Internationalist. Jonathan Derbyshire is Managing Editor of Prospect magazine. He was formerly Culture Editor of the New Statesman. His literary journalism has also appeared in the Daily Telegraph, The Financial Times, the Guardian, the New York Sun, Prospect, The Times Literary Supplement and Time Out. In 2007 he edited Time Out: 1000 Books to Change Your Life. He has also written reviews for The Philosophers’ Magazine and New Humanist. Robert H. Frank is the Henrietta Johnson Louis Professor of Management and Professor of Economics at Cornell University’s Johnson Graduate School of Management Notes on the Contributors ix and the co-director of the Paduano Seminar in Business Ethics at New York University’s Stern School of Business, USA. His ’Economic View’ column appears monthly in The New York Times. He is a Distinguished Senior Fellow at Demos. The Winner-Take-All Society, co-authored with Philip Cook, received a Critic’s Choice Award, was named a Notable Book of the Year by The New York Times, and was included in Business Week’s list of the ten best books of 1995. He is a co-recipient of the 2004 Leontief Prize for Advancing the Frontiers of Economic Thought. David Graeber is an American anthropologist, author and activist who is Professor of Anthropology at the London School of Economics and Political Science and was previously Reader in Social Anthropology at Goldsmiths, University of London, UK, and Associate Professor of Anthropology at Yale University in the USA. He is the author of several books, including Debt: The First 5,000 Years (2011) and most recently The Democracy Project (2013) Geoffrey Hosking is a British historian of Russia and the Soviet Union and formerly Leverhulme Research Professor of Russian History at the School of Slavonic and East European Studies (SSEES) at University College London, UK. He is the author of the award- winning History of the Soviet Union and most recently of Trust: A History (2014). Steven Lukes is Professor of Sociology at New York University in the USA and the author of numerous books and articles about political and social theory, including his best-known and still controversial theory of power: Power: A Radical View. He was formerly a fellow at Balliol College, Oxford, and has taught at the European University Institute, Florence, and the University of