W2- Noxious Markets Sandel/ Satz Flashcards
Fairness objection
some markets are grounded on inequalities; “injustices can arise when people buy and sell things under conditions of inequality or dire economic necessity”
Corruption objection
Commodifying certain practices displaces the attitudes and virtues (e.g. generosity) that give value to those practices
Fairness objection 2 concerns
- Some things should be allocated / distributed on the basis of need merit or ability, not on the basis of wealth
- In a society where everything is for sale. Vendors or sellers aren’t acting autonomously
Eg if someone sells a kidney to feed starving family – has he acted freely?
Sandel argument
• Markets prey upon the poor whose choice to sell organs may not be truly voluntary
• Highlights that injustice can arise when people buy + sell things under conditions of inequality
- commodifying a good or service can risk regrading its meaning
Objections to fairness principle
• Fairness principle only works if socio-entomic conditions are unfair. This principle no legs to stand on if conditions are ok.
Noxious markets
markets that are repugnant, vile or significantly compromise agency are morally objectionable According to Satz, markets will have differ in degrees of noxious
Commodification
the process of transforming a good or activity into a commodity available on the market
Weak agency (asymmetric knowledge):
involves lacking information and also limited decision making with respect to the market not having sufficient information to know what market/ conditions you are entering
4 conditions that make a noxious market
1) Outcome (consequences of a noxious market): Extreme harm to participants
2) Outcome: extreme harm to society
3) Source [of a noxious market]: Some markets are characterized by a very weak agency or highly asymmetric knowledge + agency on the part of market participants
4) Source: Markets involve participants with underlying extreme vulnerabilities
Satz’ Argument
Some markets are noxious need to be blocked / severely constrained if the parities are to be equals in a particular sense (ie citizens in democracy).
Objections to satz
1) just bc a market is noxious doesn’t mean it should be banned- can make it worse e.g. black market organs
2) Many markets are noxious only in a given context instead of changing the market, the context should be changed
3) Safety legislation better than ban
Rebuttal of objections
Some markets are incompatible with securing the equality status of individuals and / or in a democracy of equal citizens should be prohibited.
Other markets require regulation including redistribution of income + property.
