Over the last few decades, there have been intense debates concerning the effects of markets on the morality of individuals’ behaviour. On the one hand, several authors argue that markets’ ongoing expansion tends to undermine individuals’ intentions for mutual benefit and virtuous character traits and actions. On the other hand, leading economists and philosophers characterize markets as a domain of intentional cooperation for mutual benefit that promotes many of the character traits and actions that traditional virtue ethics accounts classify as (...) virtuous. In this paper, I join this debate and argue for three claims of general interest to philosophers, economists and policy makers. First, market transactions do not reliably promote individuals’ intentions for mutual benefit, and often select against such intentions. Second, the set of so-called market virtues lacks a substantial overlap with the set of character traits that traditional virtue ethics accounts classify as virtuous. And third, many seemingly virtuous actions observed in market contexts are merely actions in accordance with virtue rather than genuine actions from virtue. These three claims do not license opposition to markets, but challenge the main empirical and theoretical presuppositions of leading virtue ethics defences of markets. (shrink)

This article defends deliberative democracy against the problem of tacit knowledge. It has been argued that deliberative democracy gives a privileged position to linguistic communication and therefore excludes tacit forms of knowledge which cannot be expressed propositionally. This article shows how the exclusion of such knowledge presents important challenges to both proceduralist and epistemic conceptions of deliberative democracy, and how it has been taken by some to favour markets over democratic institutions. After pointing to the limitations of market alternatives, deliberative (...) democracy is defended by arguing that tacit knowledge can be brought into deliberation through the mechanism of trust in testimony. By trusting the testimony of a speaker, deliberators are able to act on knowledge even without it being explicitly expressed. The article then goes on to discuss the implications of this defence for deliberative theory, and particularly, the forms of reason which deliberative democrats must see as legitimate. (shrink)

This article explores the relevance of the work of Cambridge historian of political thought István Hont to contemporary political theory. Specifically, it suggests that Hont’s work can be of great help to the recent realist revival in political theory, in particular via its lending support to the account favoured by Bernard Williams, which has been a major source for recent realist work. The article seeks to make explicit the main political theoretic implications of Hont’s historically-focused work, which in their original (...) formulations are not always easy to discern, as well as itself being a positive contribution to realist theorizing, moving beyond a merely negative critique of dominant moralist positions. (shrink)

Abstract:Both the idea of feasibility and the role that it might play within political theory are controversial. Recent discussions have attempted to specify an appropriate overall conceptualization of feasibility. This essay offers a more nuanced account of a number of interrelated aspects of feasibility and argues for a more realistic view of feasibility. Four aspects of feasibility are identified and discussed: resource feasibility, value feasibility, human feasibility, and institutional feasibility.

This essay explains how to use the calculus of consent framework to think more rigorously about self-governance, and applies this framework to the issue of evaluating federal regulatory agencies. Robust political economy is the idea that institutions should be designed to work well even under weak assumptions about decision-makers’ knowledge and benevolence. I show how the calculus of consent can be used to analyze both incentives and knowledge problems. The calculus is simultaneously a theory of self-governance and a tool for (...) robust political economy analysis. Applying this framework to the case of public administration leads to the conclusion that private goods (such as medicine) tend to be over-regulated, public goods tend to be under-regulated (such as enabling too much pollution), and regulatory agencies tend to be over-centralized (and should in most cases either be replaced with certification markets or moved to state level). (shrink)

This article concerns freedom and financial markets. First, I consider the republican case for liberalization, extending Robert Taylor’s economic model of republicanism to financial markets. This case adopts what I call a “philosopher-king” approach to political theory, arguing by reference an ideal or first-best set of policies or reforms. Then, I investigate the negative externalities of several decades of financial market liberalization, including the erosion of political accountability and the growing concentration of political and economic power in the hands of (...) those best suited to profit from the rise of finance. From this “political economy” perspective, the impact of liberalization is clear: we paid for greater access to credit with political and economic domination. In republican terms, we traded freedom for credit. My analysis, moreover, has implications for republican debates on freedom and the market. In second-best worlds, where reforms will almost certainly be incremental, shaping the balance of power in ways that impact future policy, judging reforms by reference to a vision of domination-free markets will often suggest policies that make individuals less free. The political economy approach is far more relevant to debates about which economic institutions further or hinder freedom as non-domination. (shrink)