What Money Can't Buy summary

As we have seen, market thinking has become very widespread in society. But why should this worry us?

Basically, for three broad reasons: social justice, the corruption of our values and the promotion of wrong attitudes.

Let’s examine the second of the three reasons why we should be concerned about the expanding influence of market thinking: things that shouldn’t be mere commodities become them anyway.

We value certain things in our social lives for reasons beyond their monetary worth, so if these are turned into buyable commodities, we feel these things become corrupted.

We’ve now looked at two concerns regarding the spread of market thinking, so let us examine the third: its negative consequences on our attitudes and morals.

You see, when market thinking is introduced somewhere, it does not merely increase efficiency, as economists believe. It effects a change in the norms and values of that sphere of life.

As we have seen, market thinking gives rise to many difficult moral questions. This means it is important to understand the economic theories that have fuelled the 30 year-long expansion of market thinking.

In general, the theories rely on some simple assumptions regarding human nature and the world – for example, that people are primarily driven by self-interest and that free markets are the most efficient way of matching supply and demand.

Have you ever wondered why the baker on the corner is so eager to provide you with breads and pastries? As Adam Smith, the father of modern economics, made clear, it is not due to benevolence, but rather his interest in taking our money. This belief that self-interest drives humans and thereby keeps the economy going forms the basis for much of market thinking today.

However, this belief is not without its problems.

Ask yourself, is it OK to pay children to read more books?

For most people this is a difficult question to answer because it raises numerous other complex questions. This ambiguity arises from the diverse nature of the problems caused by market thinking.

Now that we have discussed the problems and difficulties that arise from the expansion of market thinking, you might be asking yourself what should be done about it.

Quite simply, we need a public debate in the media, civil society and in government regarding the role of market thinking so that its expansion is no longer ignored as it has been in recent decades.

The key message in this book:

Market thinking has fuelled economic growth over the past 30 years, but has simultaneously encroached into many areas of our life where it does not necessarily belong. It can, for example, foster inequality and corrupt the values we hold dear. Therefore we need a clear, democratic debate on where market thinking is welcome and where it is not.