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  • Whole Foods CEO on Free Markets as Means to Human Progress

    John Mackey says that when he started his career in business over thirty years ago, it caused him to rethink and reconsider his ideological views. But somewhere along the path from owner of one health food store to CEO of Whole Foods , Mackey came to believe that entrepreneurship and capitalism provide a path to real global progress. He recently argued his case for the potential of free markets to spur "human creativity" and achievement : This interview is part of a series on the "Future of Capitalism" at Big Think . Watch the full interview here .
  • Black Markets and 'Deviant Globalization'

    As a consultant with Monitor 360 , Nils Gilman has spent a lot of time exploring the economic underbelly of globalization. In other words, he is and expert on how black markets operate. Speaking recently at a Long Now Foundation event, Gilman addressed the issue of "deviant globalization." In this excerpt, he discusses how black markets thrive on entrepreneurial thinking, and create a north-south flow of resources and capital. He also points to an interesting trend: states embracing deviant globalization as "an explicit developmental strategy": You can watch the full event at Fora.tv, here .
  • Fairness vs. Self-interest

    This slideshow from the Carnegie Council is a good conversation starter on a classic debate: fairness vs. self-interest. Carnegie's William Vocke asks, "What do you think maximizes individual benefits? Is it cut throat competition or altruistic norms of fairness and trust?":
  • John Cassidy on the Efficient Market Hypothesis

    The New Yorker 's John Cassidy 's latest book, How Markets Fail: The Logic of Economic Calamity , covers free market thinking from Adam Smith to the Global Economic Crisis. And in putting the events of the last two years into this deep historical context, Cassidy has grown skeptical about the efficient market hypothesis--the iidea that the efficiency of markets means that the "markets never depart from fundamentals." Cassidy spoke about the book at the Carnegie Council earlier this month, and he told the audience, in short, that speculative bubbles like the housing bubble discredit the notion that the "market price is always right": You can watch the full event, and read a transcript, here .
  • Adam Smith in 10 Minutes

    Chris Berry teaches Political Theory at the University of Glasgow . And if you give him 10 minutes, he'll give you an interesting summation of the life, theories, and influence of the University of Glasgow's most famous scholar--Adam Smith. Here's an excerpt: The seeds of Smith's two great books were sown in his professorial years. The Theory of Moral Sentiments appeared in 1759 and drew on his lectures. It went through six editions in his lifetime. Smith’s intellectual range as a lecturer was extensive. Beyond courses in philosophy and jurisprudence he also discussed history, literature and language. He maintained his interest in science and wrote an essay on the history of astronomy. This is notable not only for the breadth of Smith’s knowledge but also as an attempt to link the development of different astronomical accounts to a basic human propensity to seek order. Although his second great book the Wealth of Nations was published in 1776 we know that he had already considered many of its leading themes at Glasgow as he lectured on as he put it: 'those arts which contribute to subsistence, and to the accumulation of property, in producing correspondent movements or alterations in law and government'. In 1787 Smith was elected Rector of the University and in a letter of thanks remarked that he remembered is professorial days as 'by far the most useful and therefore as by far the happiest and most honourable period of my life'. If Smith of popular repute is the ‘father of capitalism’, the advocate of ‘market forces’, the enemy of government regulation and believer in something called the ‘invisible hand’ to produce optimum economic outcomes then he would be a disappointed parent. All his work is deeply steeped in moral philosophy. Indeed the simple fact that the final edition of the Moral Sentiments containing extensive revisions appeared in 1790, the year of his death, tells us is that Smith’s commitment to the moral point of view endured alongside and beyond the publication of the Wealth of Nations. The Moral Sentiments is a leading example of a particular approach to moral philosophy – one that regards it not as sets of rationally or Divine ordained prescriptions but as the interaction of human feelings, emotions or sentiments in the real settings of human life. In many ways it is a book of social and moral psychology. What we can call economic behaviour is necessarily situated in a moral context. But more than that the key theme of the book is an opposition to the view that all morality or virtue is reducible to self-interest. Indeed his opening sentence declares that everyday human experience proves that false, he writes: "How selfish soever a man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others, and render their happiness necessary to him, though he derive nothing from it except the pleasure of seeing it". You can read or watch the full 10-minute speech here . (H/t Gavin Kennedy )
  • Michael Sandel 'On Markets and Morals'

    Michael Sandel teaches political philosophy at Harvard , and has become a respected public intellectual for his writings on morality and ethics. Last week he spoke at the Chautauqua Institution , and he titled his speech "On Markets and Morals." Sandel believes that "we are now at a moment when we can begin to rethink 'just what is the proper role of markets in achieving the common good?'" (fast forward to 8:20 to skip the introductions)