Markets and Society

Pre-publication Draft of "Unregulated Markets and the Transformation of Society" Chapter 18, Routledge Handbook of Ecological Economics: Nature and Society. Editor Clive Spash. 2016

10 Pages Posted: 22 Sep 2015 Last revised: 23 Jul 2016

See all articles by Asad Zaman

Asad Zaman

Quaid-i-Azam University - Pakistan Institute of Development Economics (PIDE)

Date Written: September 17, 2015

Abstract

In face of the strong conflict between market norms and social norms, peaceful co-existence is impossible. In traditional societies, markets were subordinated to society. Modern society emerged via a number of revolutions which made society subordinate to markets. This led to a reversal of traditional values of social cooperation and harmony with nature. Instead, men, nature, society became objects to be exploited for creating profits. A market society generates profits by exploiting men and nature, and requires increasing profits to sustain itself. This process has run into its limits as planetary resources are being destroyed on a scale large enough to threaten the planet. Saving the planet requires reversing the transition to modernity by subordinating markets to society. This is a difficult task.

Keywords: Environmental Economics, Exploitation, The Great Transformation, Market Society,

JEL Classification: B2, Q5

Suggested Citation

Zaman, Asad, Markets and Society (September 17, 2015). Pre-publication Draft of "Unregulated Markets and the Transformation of Society" Chapter 18, Routledge Handbook of Ecological Economics: Nature and Society. Editor Clive Spash. 2016, Available at SSRN: https://ssrn.com/abstract=2662167

Asad Zaman (Contact Author)

Quaid-i-Azam University - Pakistan Institute of Development Economics (PIDE) ( email )

Quaid-i-Azam University Campus
P.O.Box 1091
Islamabad, Federal Capital 44000
Pakistan

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