What Good Markets Are Good ForTowards a Moral Justification of Free Markets
D. How Can Market Institutions Stimulate Virtuous Corporate Action?
This part of our research zooms in on a variation of the hypothesis in sub-project C, swapping the causal role of virtues and free market institutions (see picture). This is to gain further insights into the plausibility of an often voiced argument that, if unaddressed, would easily harm the credibility of the entire project: virtues can contribute to human flourishing if and only if well-designed free market institutions are in place and functioning. Central question for the projects that are investigating this claim then becomes of course as well what actually are ‘well-designed institutions’, that tend to foster human flourishing and which do not.
Two projects are designed to deal with these issues, with the following leading questions:
D1. How do different indicators of economic freedom (e.g. size of government, quality of legal system and property rights, sound money, trade openness and government regulation) affect human flourishing? And, more specifically, how and which type of market institutions affect or facilitate corporate social responsibility (CSR)?
D2. What are the views regarding virtues, free market institutions and their potential for human flourishing in different cultural zones in Northern Europe (Germany, the Netherlands and Denmark), Anglo-Saxon countries (UK and US) and Latin Europe (France, Spain, Italy) and how are these views related to influential discourses in economics as a science within these cultural zones?
- Panel estimation using data of economic freedom, ESG ratings, and life satisfaction
- Multilevel regression analysis of data from Eurobarometer, European Values Survey
- Archival research
- Oral history
Researchers in this project