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CHALLENGE:Walzer on free market economy and spheres of justice? - question marc??? - 02-19-2014 12:25 PM
How can Walzer be pro-free-market and at the same time criticize what he calls "Fetishism of Commodities" which is described as "Commodities mediate membership" Ownership and consumption define social membership in a community. How "free" can the free market be in Walzer's conception since he gives a list of "blocked exchanges?" What do these mean and why in his philosophy of justice, are warranted?
- GreenManorite - 02-19-2014 12:28 PM
Not familiar with Waltzer, but most economists realize that there are certain situations where markets fail:
1)Public goods. (non-excludable, non-rival goods)
2)Natural monopolies due to economies of scale.
3)Significant externalities.
If you define "pro-free market" as being for markets when they are in the public good, then clearly there are times where you want to limit markets. If you define "pro-free market" as being for markets, regardless of the public good then you'd better pray you're never on the wrong end of a failing market. Markets aren't always the most efficient (or just) way of doing things, they are simply a tool that tends to work well the majority of the time (excludable, rival goods without significant externalities).
Walzer is probably idenifying what he views as a negative externality in some markets, which he feels should be addressed by some non-market means.