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What Money Can't Buy: The Moral Limits of Markets
What Money Can't Buy: The Moral Limits of Markets
What Money Can't Buy: The Moral Limits of Markets
Audiobook7 hours

What Money Can't Buy: The Moral Limits of Markets

Written by Michael J. Sandel

Narrated by Michael J. Sandel

Rating: 4 out of 5 stars

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About this audiobook

In What Money Can't Buy, renowned political philosopher Michael J. Sandel rethinks the role that markets and money should play in our society.

Should we pay children to read books or to get good grades? Should we put a price on human life to decide how much pollution to allow? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars, outsourcing inmates to for-profit prisons, auctioning admission to elite universities, or selling citizenship to immigrants willing to pay?

In his New York Times bestseller What Money Can't Buy, Michael J. Sandel takes up one of the biggest ethical questions of our time: Isn't there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets?

Over recent decades, market values have crowded out nonmarket norms in almost every aspect of life. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society.

In Justice, an international bestseller, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes a debate that's been missing in our market-driven age: What is the proper role of markets in a democratic society, and how can we protect the moral and civic goods that markets do not honor and money cannot buy?

LanguageEnglish
Release dateApr 24, 2012
ISBN9781427214935
What Money Can't Buy: The Moral Limits of Markets
Author

Michael J. Sandel

Michael J. Sandel teaches political philosophy at Harvard University. His books What Money Can’t Buy: The Moral Limits of Markets and Justice: What’s the Right Thing to Do? were international best sellers and have been translated into 27 languages. Sandel’s legendary course “Justice” was the first Harvard course to be made freely available online and has been viewed by tens of millions. His BBC series “The Public Philosopher” explores the philosophical ideas lying behind the headlines with participants from around the world.

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  • Rating: 4 out of 5 stars
    4/5
    The book jacket said it so well I'll have to just quote it:"(Sandel) provokes an essential discussion that we, in our market-driven age, need to have: What is the proper role of markets in a democratic society--and how can we protect the moral and civic goods that markets don't honor and that money can't buy?"In this thought-provoking book, Dr. Sandel argues that the U. S. has moved from being a market economy to being a market society and that, in the process, we have allowed many things to be subject to market forces that shouldn't be. He cites two types of reasons, the fairness argument and the corruption argument. He asks: "And so, in the end, the question of markets is really a question about how we want to live together. Do we want a society where everything is up for sale? Or are there certain moral and civic goods that markets do not honor and money cannot buy?"Although at first glance it may not seem likely, the book is very readable. It provides a number of examples of things where it is counterproductive to allow the market in to those where the nature of the good is changed in fundamental ways. I found some of the examples to be interesting but not things that would greatly disturb me and others to be things I would care about, but I agree with the author that these are decisions that require some community thought and discussion.
  • Rating: 4 out of 5 stars
    4/5
    Is there anything money can’t buy? While most people agree you can’t buy happiness, should you at least be able to try? In his latest work, Michael Sandel reasons why we should not be able to buy certain things, and completely misses the purpose of the free market in the process. Topics covered in this brief book include queues, incentives, morals, betting on death, and naming rights. These subjects are each supported with numerous examples that are both engaging and thought provoking. Sandel organizes his book in such a way that he anticipates his readers’ questions and does his best to cover all sides to his arguments. Still, as a proponent of free markets I found some frustrating flaws in his central arguments, and wish he had devoted more time to explaining why his arguments were worth caring about rather than how they were the failing pieces of markets.Sandel’s two main arguments for why some things should not be accessible to markets are fairness and corruption. If paying someone to stand in line for you at a ticket booth is unfair to those who also want tickets but who cannot pay someone to stand in line for them, should the practice of paying line-standers be illegal? This is the argument Sandel makes regarding queues of all sorts, but I fail to see why fairness even must come in to play. What about the people who have no money to buy tickets but still want them? Should they be able to get tickets as well? Of course not, and no one would say it’s unfair that they were denied tickets because they had no money.Paying a line-stander to get tickets equates to an increase in the ticket price, and the rules of supply and demand will govern the practice. If the individuals distributing the tickets think that paying line-standers is corrupting their operation (Sandel’s other argument), why couldn’t they just issue non-transferrable tickets? If the individuals who think paid line-standers are unfair or corrupting feel strongly about it, then why don’t they boycott the line altogether? I cannot see how fairness is an issue, and corruption is easily taken care of by the voice of the participants in a truly free market.Sandel also argues that incentives such as paying children to read books, paying drug addicts to get sterilized and paying for other countries to reduce their carbon emissions rather than reducing our own are ways markets are corrupting and demoralizing our lives. While some of the scenarios he mentions seem shocking and even repulsive, when you step back from the situation you realize that all the instances involve consenting individuals who are maximizing their interests in the situation, or else they would not have involved themselves in the situation in the first place. For example, while paying a drug addict to become sterilized sounds inhumane and degrading, the drug addicts would not have agreed to it if they did not see a personal benefit in the arrangement. No one coerced them into the agreement, and they acted out of free will.Throughout the book, Sandel hints that by prohibiting these seemingly immoral practices in markets, the moral standards of individuals will remain high and intact. That is just wishful thinking though. Markets are really just a way to test and bring to light the morals of those who participate. The drug addicts would have been just as willing to accept money for sterilization whether or not it was legal. Their morals would not suddenly become higher or nobler because of a law. The same can be said for any one of the other situations Sandel proposes. The way to moralize our lives is not through laws restricting free markets, but through something much more personal and priceless.The one chapter on which I was a bit conflicted was the one regarding markets in life and death. Here, Sandel discusses the surprising practice of individuals purchasing the life insurance policies of strangers, and receiving payouts on the deaths of those strangers. While I personally do not agree with this practice, and the same argument regarding morals discussed above could be applied here, it seems that there is another aspect of this practice that makes it questionable. Perhaps it is the incentive to cause a death that makes me more hesitant to leave this up to the free market. Whatever it is, I have more thinking to do on this subject, which I’m sure is exactly Sandel’s ambition.No matter what your view is regarding economics, morals, or policy, Sandel succeeds in making you stop to ponder what it is you really think, and why you think that way. Though he may not have the greatest appreciation for what free markets can accomplish, his arguments are well-reasoned and explained clearly. What Money Can’t Buy is a quick read that will make you realize the astounding reach of markets, and may make you think twice about what it is you are voting for when you spend your dollar.
  • Rating: 5 out of 5 stars
    5/5
    A surprisingly accessible and engaging read--which is quite a feat when you consider a work combining economics and philosophy. Sandel depicts the problem as more than just commodification that favours the rich. The subtler effect of inserting economic optimization into relationships between people and communities, what Sandel calls corruption, distorts the ability to even frame moral agency. For example, a supply and demand approach of virtue (i.e. don't exhaust your compassion) fundamentally changes the understanding of the good as a practice rather than a resource. The marketizing presupposes the very concept of "ought" to be transactional, thereby paving the way for any one of Sandel's eye-opening case studies from bribing childhood reading to short selling the life spans of strangers.
  • Rating: 2 out of 5 stars
    2/5
    I don't care about baseball and maybe that's the crucial link that this book requires to make any sense. The author repeatedly and I mean on almost every page assumes people share his personal judgments on value of things. He finally admits that in the end of the book and goes back on his condemnations and advocates a less extreme position of taking into account effects of existence of markets on human behaviour. This is a fairly well accepted if not tackled problem.
  • Rating: 2 out of 5 stars
    2/5
    I have the same issue with this book that many other reviewers had: it presents many examples of how money and commercialization can impact things from sports to education, yet is painfully slim on what we're actually supposed to do about it. This book is good for sparking thought and discussion but doesn't do much more than that.
  • Rating: 1 out of 5 stars
    1/5
    This book is a mere catalog of commercialism in our society.
    Since our society and culture in the United States is commercialism,
    the book is merely additional noise. Merely a pile of undigested research by an academic.

    If academia requires publish or perish, this belongs in the perish category. The blurb by George Will (the cipher with a bow tie) should have warned me off.

    There is no point of view expressed here. The author's quiet even handed calm approach is perhaps intended as "objectivity". Actually it's either gutless or mindless neutrality. Utterly tepid response to the reductionist, toxic line of thought propogated by the Chicago school free market religion. Yes. it's religion NOT science. Life is not reducible to a mere set of economic formulas.

    Commerciality is a sewer. Apparently, this guy thinks there might be something wrong with this fact, but he doesn't dare rush to judgement.
    Don't waste your time with this mild mannered pablum. There are far more worthy books deserving of your attention.

    The book to read on this topic is No Logo written by Naomi Klein, who is not an academic, does reporting not mere academic research and is a Canadian who sees through the sham and toxity of contemporary life in
    the free market world clearly.

    As for the disastrous consequences of the fundamentalist "free market" creed, read Naomi Klein's Shock Doctrine - it's an eye opener.
  • Rating: 4 out of 5 stars
    4/5
    This is one of those important books which makes you think really hard about the way our world is heading. I think the most horrifying image in it was the one where eggs were being used to advertise forthcoming TV shows. Not on the egg carton, but on the eggs themselves. Well, that and the horrible segregation and commercialisation of sporting events which seem to have removed any vestige of the true meaning of the word 'sport' from that world.

    It's great to see someone try to re-introduce a bit of morality into the hard-nosed world of economics.
  • Rating: 3 out of 5 stars
    3/5
    From my review for Cannonball Read 5 ...

    Alright, back to the non-fiction books I love. Michael Sandel is a modern philosopher who is interested in issues of justice. In fact, his book “Justice” is a fantastic read for people who are interested in philosophy but cringe at the idea of popping open Hume or Kant on a cold winter’s day.

    This book looks at whether there are any moral reasons to not allow the market to ‘take care of things.’ Some of his areas of focus are likely ones that you have considered previously (possibly over a beer with friends). Should people be able to sell their kidneys? Did that student really get into Harvard because of his talent, or because his mom could buy the entire campus twice over? Is that fair? Does it matter if it is or isn’t?

    Sandel argues from a premise that some might not accept: that “making markets more efficient is no virtue in itself.” Instead, he’s interested in why people might cringe at the commodification of certain components of our lives. Why, if markets are so great and supposedly will sort out the distribution of goods and services in the most efficient way possible, do some markets make us so uncomfortable?

    Each example in the book addresses one of two arguments – the argument from fairness and the argument from corruption. In the first case, we might consider where a certain market is fair if the person participating may not REALLY have much of a choice. Again, think about the kidney example. Sure we all own our bodies, but the concern with allowing a market in kidneys is that only the poor would end up selling them, essentially turning them into spare parts for wealthy people, and leaving people who cannot afford kidneys at the whim of donors. The second argument looks at whether the nature of certain things might be corrupted simply by market involvement. Advertising in schools is a prime example of that.

    The book is broken down into five parts – an introduction to the issues he plans to address (and a background on markets and examples of market transactions that might raise an eyebrow), a section on incentives (and how they don’t always work the way you’d think), markets replacing moral discussion, the insurance market (which features my favorite portion of the book, where he examines third-party life insurance purchasing), and the right to name different public and private spaces (think Citibank Field in NYC). The concepts are not difficult to grasp and are well-written and interesting.

    While I do have a philosophy background, I want to emphasize that one is not necessary AT ALL to enjoy this book. If you’re interested in markets and a discussion about why they might not always be the best way to distribute goods, this is a really great read for you. In fact, I suggest getting your favorite discussion partner (perhaps someone who doesn’t always agree with you) to read the book at the same time so you can have a lively chat about it all.
  • Rating: 4 out of 5 stars
    4/5
    A great book with good arguments that prices shouldn't be put on everything. He lists a number of interesting domains where buying and selling seems to be a dubious way of transaction. Though many readers may find that Sandel shouldn't have included some items, and other readers may find that he left out some important items, it is extremely worthwhile to think about all of his examples.
    The only thing I found a bit unbalanced was the wholesale critique of economists as apologists of radical laissez-faire capitalism. I am myself an economist, and I can say that the (extreme) views of Gary Becker and colleagues, though influential, are not the only ideology in town, but unfortunately their protagonists are very vocal in the public discourse. Many economists work in the fields of social choice and welfare economics will nod their heads while reading Sandel's arguments, so it would be wrong to damn all economists for promoting commercialism and corporatocracy. But I agree that two things are too rarely articulated: that economics is never purely descriptive because it is largely based on (implicit) utilitarian assumptions; and that market allocations are the result of both willingness to pay AND ability to pay. I think economics can only benefit, also in terms of public image, from highlighting these points more.
    The end of the book was a little anticlimactic. It is a pity that Sandel does not dig deeper: till the last few pages, all he does is present a long list of intrusions of commerce in our private lives. But often, these are attempts to solve a deeper problem. If ticket scalpers invade the allocation system for doctor appointments, then there is a shortage of health services. If schools sell out their educational material to corporate advertising, then there is a shortage of education funding. Sandel is right that everybody should have a right to live a decent life, which includes basic health and education. But then, solutions must be found that there is inclusive access to these social goods. Sandel is also right that letting profiteers in the ways he describes in his book is not conducive to the provision of these goods, but he does not mention any solution. There are multiple possibilities to prevent the complete sellout of society while at the same time providing people with a basic right of decency, but Sandel leaves the reader somewhat depressed as he fails to touch on them.
  • Rating: 4 out of 5 stars
    4/5
    A lucid dissection of much that is wrong with today's market triumphalism.
  • Rating: 4 out of 5 stars
    4/5
    What money can't buy is an essay written by philosopher Michael Sandel an ethics expert. Sandel is also a college teacher at Harvard and his classes on justice are available in internet and later become a best selling book. As a philosopher Mr Sandel has more questions than answers and he explores the limits of what can be sold and if anything should have a market value. Is selling a kidney ok? What about selling the right to change the name of a known stadium, a subway station, or even to name a new born baby? Can I bet on someone chance of dying next year? The market logic that everything has a price and can be sold is challenged many times and in many ways. I encourage reading first his previous book "Justice" as it covers many ethical problems that is brought again here. It was not the purpose of the book to get a conclusion in any specific situation but to focus on the ethics and moral similarities to events that may seem completely disconnected. I live near São Paulo that has prohibited large billboard on building sides, and restricted the size of store front panels. That law reduced visual pollution and made the city more pleasant to live, however many people lost their job after after this law. The topic is not easy, and no simple answers are available, bringing this discussion to highest level, instead of keeping it on each case is the best that the author did to this important subject

  • Rating: 4 out of 5 stars
    4/5
    Persuasive that markets distort values, but less clear where the limits should be.
  • Rating: 4 out of 5 stars
    4/5
    I am a big fan of Michael Sandel, Harvard professor of political philosophy. This book is a factual survey of the encroachment of advertising in American culture, and examines questions of ethical and moral considerations involved in determining what to leave to free markets and what to regulate or dismiss as inappropriate excess.As in his famous lecture series and book on Justice, Sandel gives few if any answers, takes no sides, and leaves it up to his students and readers to do the critical thinking. Corporations bent on covering the country with invasive advertising will not like some of the examples and comparisons, but the answers are up to each of us to decide what we are willing to tolerate and how far we will allow it to go.The book is factual and heavily documented. It is the type of book that every thoughtful person should read, not for entertainment but for an historical awareness of from where we came and to where we are going in determining the extent of unregulated free markets.
  • Rating: 4 out of 5 stars
    4/5
    There is very little left that money can't buy and the list of things that cannot be bought grows shorter by the day. That is the tragedy. I found myself frequently shaking my head in disgust as I read this book. When everything has a price, there will be nothing of value.
  • Rating: 4 out of 5 stars
    4/5
    This is a book about the general form of some arguments that can guide us to determine the proper nature and scope of commercialism in civic society. The book is quite short and about a quarter of it (on Kindle) is footnotes. Sandel uses repeated examples to illustrate how market forces have encroached on different aspects of life and to show how two counter-arguments might point the way for further discourse. His approach is Socratic and Aristotelian: rather than present absolute answers, his aim is to provoke public discourse, and this is entirely in keeping with his views on the integrated nature of public life. The drawback is that the reader may well be left wanting more guidance.
  • Rating: 5 out of 5 stars
    5/5
    As author Michael J. Sandel gives example after example of market value versus moral value, I found myself seeing both sides of his arguments. This dichotomy is maddening, but it is also why I love this book.I believe the whole point of What Money Can't Buy is framed around the following statement: "If we don't assign value ourselves, the markets will." This begs two questions, (1) With what criteria do we presume to assign value apart from market forces? and (2) Which side is better at it, us or the markets? The answers are not easy and constantly debated.On rare occasions the author ventures into "Things were better in my day" territory, but for the most part he makes the compelling case that we're too quick to allow markets to value (and too often, devalue) our lives.
  • Rating: 4 out of 5 stars
    4/5
    In this book Michael Sandel explores the belief that money can buy everything. He asks us to confront our acceptance, and also our revulsion, at the control that money and business interests have on our way of life.Sandel takes the reader through a brief history of the insurance business, which began as a system to protect our expensive goods, allowing us to replace our dwelling, should the house burn down; or gain compensation should our ship sink, rather than come in. If you, like me, are ignorant enough to think that this is where the business is today, you are in for a rude surprise: old people are being paid to take out insurance policies, which are taken over by companies who pay the premiums, in the hope that the insured person dies quickly, giving them a decent profit. The banking system has even bought in to this concept and, along with sub prime mortgages, one can buy shares in the death industry.Sandel also investigates the changing policies of the advertising industry. A few years ago advertisements would appear on television, in the press and occasional street posters. Nowadays, even in conservative Britain, adverts pop up in all sorts unlikely places and this book shows where we are likely to be in the future. My football team already plays at the King Power Stadium, which had been known as the Walkers Stadium, until more money was offered for the naming rights. Apparently, a police car, in the metropolis, apprehends miscreants under the sponsorship of Harrods and many town centres have an over-sized television in their square, ostensibly to show major events but in reality, to put a string of banal advertisements in front of the general public. America, so often mocked from this side of the Atlantic for being more extreme, but in reality, simply ahead of we Brits, has taken advertising to another level: schools, in some states, are given televisions and other equipment with the proviso that all the pupils watch a fifteen minute news programme each day: needless to say, the recording is peppered with adverts, probably for the soft drinks company that has purchased exclusive rights to supply the school tuck shop. Mr Sandel even cites the case of one lady, a single mother, who sold her forehead as an advertising site to provide sustenance for her child. At the age of thirty, she was tattooed with an advertising slogan.Some of the examples, in this book, I found to be acceptable, some deeply shocking but, Michael Sandel keeps a very tight control upon his own feelings. Reading the book, one does get some idea of his personnel opinions but, even in the most extreme cases, he does not criticise, but simply reports. It would be easy for a work such as this, to slip into the, 'Things are terrible now, unlike the good old days' attitude: Sandel does not. He does his readership the honour of assuming that, given the facts, they are capable of making up their own minds. This is a book that everybody should read. The more people that are aware of the direction of travel, the better can be our control of the type of society that 'Big Business' builds and, let us be honest, it is business, not politicians, that will shape the twenty first century.