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Markets and Society

Author

Listed:
  • Asad Zaman

    (Pakistan Institute of Development Economics, Islamabad)

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.

Suggested Citation

  • Asad Zaman, 2016. "Markets and Society," PIDE-Working Papers 2016:136, Pakistan Institute of Development Economics.
    • Handle: RePEc:pid:wpaper:2016:136
    as

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    File URL: https://www.pide.org.pk/pdf/Working%20Paper/WorkingPaper-136.pdf
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    References listed on IDEAS

    as
    1. Asad Zaman, 2014. "Islam versus economics," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 3, pages iii-iii, Edward Elgar Publishing.
    2. Julie A. Nelson, 2012. "Poisoning the Well, or How Economic Theory Damages Moral Imagination," GDAE Working Papers 12-07, GDAE, Tufts University.
    3. Mehmet Karacuka & Asad Zaman, 2012. "The empirical evidence against neoclassical utility theory: a review of the literature," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(4), pages 366-414.
    4. Zaman, Asad, 2010. "Normative foundations of scarcity," MPRA Paper 21817, University Library of Munich, Germany.
    5. Nelson, Julie A., 2012. "Poisoning the Well, or How Economic Theory Damages Moral Imagination," Working Papers 179107, Tufts University, Global Development and Environment Institute.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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