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Title: Morals and Markets: Seventh Annual IEA Hayek Memorial Lecture (Occasional Paper 108) by Jonathan Sacks, Norman Barry, Robert Davidson, Michael Novak, Johnathan Sacks ISBN: 0-255-36424-5 Publisher: Coronet Books Inc Pub. Date: May, 1999 Format: Paperback List Price(USD): $17.95

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Average Customer Rating: 5 (1 review)

Rating: 5
Summary: Morals and markets - two blades of the scissors?
Comment: This book began life as the text of seventh annual Institute of Economic Affairs Hayek Memorial Lecture given by Professor Jonathan Sacks, Chief Rabbi of the United Hebrew Congregations of the Commonwealth in June 1998.

Dr. Sacks approach was based on a debate that Hayek had proposed in 1978 on the question of "was socialism a mistake". Although the debate never took place, Hayek prepared for it by writing a manuscript which ultimately saw the light of day as "The Fatal Conceit".

Beginning from the thesis that the Fatal Conceit's essential premise eas that for the free market or extended order to emerge, a certain kind of morality needed to emerge also. He develops his argument through a scholarly exegesis beforeutimately arriving at a conclusion that the free market has gone too far such that in effect it has become it's own morality and morals/ethics have been subordinated.

This conclusion is challenged by the the three commentators who were asked to write in response due to the reception received by the lecture. Dr. Sacks was also asked to write a rejoinder.

Norman Barry contends, if I understand him correctly, that markets bring about change and that morality must be adaptive and flexible. Thus the issue is not one of no morality but is one of the changing rules which come about ultimately because markets do not have a life of their own. They a rise through the interaction of people in a social process.

Robert Davidson looks at the role of traditions in religion and the necessity to test them against the reality of the world. In another illuminating passage he refers to the division of labor within society and argues that theologians have a role in giving people a vision of hope.

Michael Novak, takes a different approach by looking at what the world owes to Judaism, articulating the notion that it, as Christianity, is not a monolithic tradition.

In his rejoinder, Dr. Sacks takes the opportunity to clarify his position. He argues that he is not against markets, per se, but that he is against the extension of markets into all aspects of life. He fears that such extension will result in social disaster and makes the case that markets and the free society can only succeed within a strong moral framework.

The lecture was described as stimulating. After reading this collection there is clearly much food for thought. In this excellent little book there is much for all of us to think about.

Highly commended for everyone.