Does the Free Market Facilitate Moral Corruption? Responses and Criticisms

12 Pages Posted: 19 Sep 2016

See all articles by Christopher Boudreaux

Christopher Boudreaux

Florida Atlantic University

Shawn Miller

Texas A&M International University - College of Business

Date Written: September 17, 2016

Abstract

The free market is often subject to scrutiny from both politicians and the press, and because the free market promotes self-interested behavior, recent dialogues have asked if the free market also promotes moral corruption. While the market process cannot prevent all occurrences of moral corruption, we argue that the market system does operate as a corrective mechanism in many instances. In the cases where market responses fail to curb moral corruption, we argue that tolerating some moral corruption is a second best solution that might be necessary to prevent further bad outcomes from occurring (e.g., mass poverty).

Keywords: Moral Corruption, Free Market, Market Institutions

JEL Classification: P12, D73

Suggested Citation

Boudreaux, Christopher and Miller, Shawn, Does the Free Market Facilitate Moral Corruption? Responses and Criticisms (September 17, 2016). Available at SSRN: https://ssrn.com/abstract=2840239 or http://dx.doi.org/10.2139/ssrn.2840239

Christopher Boudreaux (Contact Author)

Florida Atlantic University ( email )

777 Glades Road
KH 145
Boca Raton, FL 33431
United States

HOME PAGE: http://home.fau.edu/cboudreaux/web/

Shawn Miller

Texas A&M International University - College of Business ( email )

5201 University Blvd.
Laredo, TX 78041-1900
United States

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