Edited by Martin Schlag & Juan Andrés Mercado

Free Markets and the Culture of Common Good
Editions:ePub: € 107.00
ISBN: 978-94-007-2990-2
Hardcover: € 143.00
ISBN: 978-94-007-2989-6

Recent economic development and the financial and economic crisis require a change in our approach to business and finance. Free Markets and the Culture of Common Good combines theology, economy and philosophy in order to examine in detail the idea that the functioning of a free market economy depends upon sound cultural and ethical foundations.

The free market is a cultural achievement, not only an economic phenomenon subject to technical rules of trade and exchange. It is an achievement which lives by and depends upon the values and virtues shared by the majority of those who engage in economic activity. It is these values and virtues that we refer to as culture. Trust, credibility, loyalty, diligence, and entrepreneurship are the values inherent in commercial rules and law. But beyond law, there is also the need for ethical convictions and for global solidarity with developing countries.

Free Markets and the Culture of Common Good offers new ideas for future sustainable development and responds to an increasing need for a new sense of responsibility for the common good in societal institutions and good leadership.


Access preview of each chapter (or read abstract per chapter through links below)

Reviews:Giorgio Baruchello on Economics, Management and Financial Markets wrote:

"The volume edited by Schlag and Mercado is a welcome addition to the slowly changing views on what should constitute economic wisdom today. Not only does it contain many intelligent observations on the causes of, and the remedies to, the current crisis, including the largely neglected topic of social enterprises. It is also a rare example of multi- and interdisciplinary scholarship. Hardly any publication on the crisis has been as holistic in its approach as the present volume. Schlag' s and Mercado' s book comprises chapters penned by eminent experts not solely in diverse academic fields - ranging from economics to theology - but also in various professional areas, such as high-level policy-making, risk management and banking. [...] Mirroring this plurality of perspectives, the book is loosely organized in two parts, which are open-ended and inclusive to the point of redundancy. The former is a collection of eleven essays and is entitled "Free Markets and the Role of State Authorities." The latter comprises six essays and is entitled "Social Responsibility, Entrepreneurship and Virtues." A common theme joins mutually these two parts, namely the emphasis that all the authors place upon the cultural and especially ethical preconditions for the proper functioning of a market economy. All authors agree on the markets' incapacity to deliver genuine human well-being if the agents operating therein act in a seemingly "efficient" way that is however devoid, sometimes by definition, of adequate moral considerations."

Table of Contents

Free Market Economy and the Role of State Authorities

Social Responsibility, Entrepreneurship and Virtues