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Competitive Equilibrium and the Social Ethos: Understanding the Inegalitarian Dynamics of Liberal Market Economies

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  • Euclid Tsakalotos

    (Athens University of Economics and Business, tsakalotos@aueb.gr)

Abstract

Economic explanations of inequality in liberal economies often appeal to social norms. This article argues that recent economic policies and institutional interventions, in favor of deregulation and away from participatory practices in both the political and economic spheres, have elicited norms that increasingly resemble those of the economic theory that has informed these interventions. This has altered the social ethos in an inegalitarian direction—individuals are more likely to conceive of themselves as acquisitive maximizers in their daily life, and there has been a reduction in the number of institutional settings for people to deliberate on their values, commitments, and other priorities.

Suggested Citation

  • Euclid Tsakalotos, 2007. "Competitive Equilibrium and the Social Ethos: Understanding the Inegalitarian Dynamics of Liberal Market Economies," Politics & Society, , vol. 35(3), pages 427-446, September.
    • Handle: RePEc:sae:polsoc:v:35:y:2007:i:3:p:427-446
    DOI: 10.1177/0032329207304342
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    References listed on IDEAS

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