alt Hacker NewsMichael Sandel's "What Money Can't Buy: The Moral Limits of Markets" covers it quite well.
Markets create unfairness by systematically disadvantaging the poor when money becomes necessary to obtain certain goods or quality of goods. Market values corrupt non-market spheres by changing the meaning and value of goods being exchanged (e.g., paying for grades undermines intrinsic desire to learn). Monetary incentives crowd out altruistic motivations and civic duty (e.g., fines becoming fees people willingly pay rather than norms to uphold). Commodification degrades human dignity (e.g., treating drug-addicted women as "baby-making machines" in sterilization-for-cash programs). Markets increase wealth inequality and create segregation in previously egalitarian spaces (e.g., luxury skyboxes in sports stadiums). Market exchanges under severe inequality or economic necessity become coercive, not truly voluntary. Purchased tokens of friendship and personal expressions (apologies, wedding toasts) lose their authenticity and dilute social bonds. Wealthy individuals and countries can pay their way out of moral obligations (e.g., carbon offsets instead of reducing emissions). Markets have infiltrated areas traditionally governed by ethical considerations - medicine, education, personal relationships - without public debate about whether this is desirable. The economic approach treats everything in an ethical vacuum, ignoring morality in favor of purely analyzing incentives.
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One objection here: pay-for-sterilization doesn't match with the rest of these because this is treating it solely as a cost to the woman, rather than recognizing that there's a benefit in not bringing a child into a horrible life.
Monetary incentives are the foundations of Capitalism. There are only two ways that ethics might get in the way of their profits.
The first is government regulation. We saw lots of deregulation of oversight over the ten years before the 2008 financial crisis. None of the ethically compromised C-suite folks went to jail for their behavior because it was suddenly not a crime. Sometimes you have regulation, but you don't have enforcement of the regulations. This is what we get when the government is comprised of or controlled by capitalists. It's called fascism.
The second is public boycott or revolt. Could the new Target CEO be the result of the recent boycott? Same with Starbucks? Has anyone actually bought a Tesla in the past year? The big tech folks are bending over backwards to hide the fact that they have no real AI business model, making it a gigantic bubble that is about to burst. There is a national frenzy that no one is reporting on people ditching their subscriptions. We are going to see affordability get worse very quickly. It will be interesting to see what happens as more and more people start tightening their purse strings, whether by choice or necessity.
This is one of the most amazing comments I have read on HN.
You absolutely get to the core of why and how 'leaving it to the market' and money-oriented choices remove social cohesion, trust, and fairness.