Is Commerce Good for the Soul? An Empirical Assessment

Abstract

Numerous empirical studies suggest that market exchange helps (a) create the conditions for liberal values to flourish, (b) refine our sense of fairness, (c) promote cooperation with those who are different from ourselves, (d) develop networks of mutual trust and trustworthiness, (e) generate tolerance and respect towards others, and (f) undermine hostility and conflict in favour of peace. This article reviews this empirical evidence and argues that markets make us better people, morally speaking.

What is neoliberalism really? A global analysis of its real-world consequences for development, inequality, and democracy

“…For a critical review of empirical literature on how markets in general, and neoliberalism in particular, relate to other crucial social issues, such as human pro-sociality (i.e. cooperation, trust, corruption), violence (both interpersonal and state-level), and various forms of discrimination, see Wright (2018), Storr andChoi (2019), andRutar (2023a).…”

Illiberal economic institutions and racial intolerance in the United States

“…Other research indicates that market liberalisation is associated with less violence and corruption along with greater trust, cooperation, fairness, and protection of human rights (e.g. W. Wright, 2018): all of which can be manifestations of higher tolerance. These findings demonstrate that the liberalised market can act as “a social space where meaningful extraeconomic social relationships can be developed” (Storr, 2008, p. 138) and a form of “other‐regardingness” can emerge (Oman, 2016, p. 44).…”