What is the main message of What Money Can't Buy?

The main message of What Money Can't Buy is that there are certain things that should not be bought or sold.

How long does it take to read What Money Can't Buy?

The reading time for What Money Can't Buy varies, but it usually takes several hours. The Blinkist summary can be read in just 15 minutes.

Who is the author of What Money Can't Buy?

The author of What Money Can't Buy is Michael J. Sandel.

Economics

What Money Can't Buy Book Summary - What Money Can't Buy Book explained in key points

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What Money Can't Buy summary

Name: What Money Can't Buy
Rating: 4.3 (46 reviews)
Author: Michael J. Sandel

Michael J. Sandel

The Moral Limits of Markets

4.3 (46 ratings)

20 mins

Brief summary

What Money Can't Buy by Michael J. Sandel explores our society's over-reliance on market values. It questions whether everything should be up for sale and uncovers the consequences of this trend.

Topics

Culture Ethics & Morality Wealth

Table of Contents

What Money Can't Buy
Summary of 9 key ideas

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Key idea 1 of 9

What’s in it for me: Find out what shouldn’t have a price tag.

Have you ever had to hang on to a job you hated just because you needed the money?

If not, count yourself lucky, but if you have, did you ever feel this was unfair? After all, if you had been rich, you wouldn’t have had to suffer.

The idea that your labor in this job can be bought, even if you find it repulsive, is an example of market thinking.

This thinking has fuelled economic growth over the past three decades, but it has also started to encroach into other areas of life, thereby provoking very disconcerting moral questions.

For example, what if your unpleasant job hadn’t just been unpleasant, but downright dangerous?

In these blinks you’ll discover why market thinking can lead to morally questionable practices, like paying female drug addicts to be sterilized.

You’ll also read find out why you should think twice before rewarding your children for good grades.

Finally, you’ll find out how much it will cost you to get your doctor’s private cell phone number so you can get “extra special” health care.

Market thinking has spread unnoticed into almost every sphere of social life – this is a challenge for society.

For over 30 years mainstream economists have had unwavering faith in the free market. However, since the financial crisis of 2008, debates questioning this faith have raged.

These debates have concentrated too intently on how this market thinking – characterized by traits like deregulating markets and treating everything as mere purchasable commodities – has influenced the economy.

However, over the past 30 years, market thinking has also encroached into other areas of society. In fact, market thinking has influenced society much more profoundly than most people think. It has had a massive impact on virtually every sphere of life, including our schools, health care and security.

For example, in the United States you can pay to have a closer relationship with your doctor. For a sum starting at $1,500 a year you can have their personal cell phone number.

Another example is that in the United States and the United Kingdom, publicly employed police officers are a minority in the provision of security, because private firms run most security details, for example, private firms manage many prisons.

Yet another example is found in Dallas, Texas, where school children have monetary incentives to read at $2 per book.

This expansion of market thinking is due to the fact that since the 1980s and in particular since the end of the Cold War, free markets have proven to be the most efficient mechanisms for generating wealth. For example, when stock markets were deregulated, stock prices skyrocketed, particularly in the 1980s.

Similarly, as more and more countries have liberalized their economies, global economic output has flourished and the total gross world product has more than tripled.

Because of their proven usefulness in this respect, people have tended to accept free markets without realizing that market thinking has expanded into ever more spheres of our lives.

These developments force us to confront the fundamental question of what kind of society we want to live in.

The triumph of market thinking has major implications for social justice.

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.

While market thinking is effective at directing people’s behavior, not all things should be bought and sold.

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.

The introduction of market norms in new places can have unintended, unfortunate and irrevocable consequences.

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.

Economists are insufficiently aware of the moral questions raised by market thinking.

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.

Contrary to economic theories, altruism should be encouraged so that people grow their capacity for it.

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.

We must decide case by case whether the benefits of a market thinking-inspired policy outweigh the moral concerns.

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.

We need a serious public debate about where market thinking is welcome in our society.

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.

Final Summary

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.

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What is What Money Can't Buy about?

The blinks to What Money Can´t Buy (2013) explain how market-driven thinking – like the introduction of incentives and making everything available for a price – has snuck into almost every sphere of our lives. This means we are often suddenly confronted by serious moral concerns when market morality manifests itself in an area where it doesn’t belong.

What Money Can't Buy Review

What Money Can't Buy by Michael J. Sandel (2012) delves into the moral and ethical implications of the pervasive marketization of society. Here's why this thought-provoking book is worth your time:

Offers compelling examples of how money can shape social norms and values, challenging us to question the limits of market reasoning.
Raises crucial questions about the role of money in domains such as education, healthcare, and the environment, sparking important discussions about justice and fairness.
With its accessible language and engaging storytelling, it manages to grip the reader's attention throughout, making complex ideas accessible and relevant.

Who should read What Money Can't Buy?

Anyone interested in economics, morality and the way they intersect
Anyone interested in a critique of the market-driven thinking that has gone unquestioned for three decades
Anyone who has a view on what kind of society they want to live in
Anyone who believes everything should be for sale

About the Author

Michael J. Sandel is a professor of government at Harvard University as well as a political philosopher. He has been an influential author in the field of justice and ethics for three decades and is famous for his free online course, Justice: What's the Right Thing to Do?

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Economics

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