Market skeptics have persuasively argued that the market is a social arena that is not simply amoral but that has negative moral consequences. Market apologists have offered two basic responses to this kind of charge: that the market is amoral and that it transforms private vice into public virtue. Rather than celebrating selfishness and greed, I argue that the market tends to punish both vices.
How does culture impact economic life? Is culture like a ball and chain that actors must lug around as they pursue their material interests? Or, is culture like a tool-kit from which entrepreneurs can draw resources to aid them in their efforts? Or, is being immersed in a culture like wearing a pair of blinders? Or, is culture like wearing a pair of glasses with tinted lenses?