S.S 1.3 (Consumeris - Sandel)

Question 1

Four things that money can’t buy

Answer 1

Postmodernism.
Market society.
Markets and market value.
Consumerism.

Question 2

Postmodernism (in consumer context)

Answer 2

An era whereby almost anything can be bought and sold.

Question 3

Market society

Answer 3

Everything has a price.

Example; insurance companies, surrogate, death.

Question 4

Markets and market values

Answer 4

Have come to govern our lives like never before, not by choice.

Question 5

Consumerism

Answer 5

Is increasingly governing our whole life.

It’s not about goods and services alone.

Question 6

Market Mechanism

Answer 6

Forces to
determine price and quantities of goods and services
offered for sale in a free market.

Question 7

Market Triumphalism

Answer 7

A widespread faith that markets, and market mechanisms.

Are the primary instruments for achieving the public good.

Question 8

Ronald Reagan and Margaret Thatcher

Answer 8

1980s.
Markets not government.
Held the key to prosperity and freedom.

Question 9

Market triumphalism came to an end

Answer 9

The 2008 financial crisis.
World recession.
Faith in it is now doubt.

Question 10

The moral failing of market triumphalism was

Answer 10

Greed.

Which led to irresponsible risk taking.

Question 11

Sandel agrues that it was not greed but

Answer 11

Expansion of markets and market values into spheres of life where they don’t belong.

Question 12

Inequality

Answer 12

Life is harder for those of modest means in the market society.
They can’t afford it.

Question 13

Corruption

Answer 13

Harsh tendencies of markets.
Putting a price on good things of life can corrupt and degrade them.
Because markets don’t only allocate goods,
they also express attitudes towards the goods being exchanged.

Question 14

Two obstacles in rethinking the role of markets

Answer 14

The persisting power and prestige of market thinking.

The bitterness and emptiness of our public discourse.

Question 15

Sandel’s hypothesis

Answer 15

We shouldn’t trust markets with our civic life.
Market society that we want.
Morals.
It is appropriate to treat some goods as commodities.
To decide where market belongs and where it should be kept.
Have to decide how to value the goods.

Question 16

Moral and political questions not merely economic ones 6

Answer 16

Health.
Education.
Family life.
Nature.
Art.
Civic duties.