Articles
Does the Market Need Virtue? Mutual Assistance and Civil Economy
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AuthorSe-Hak Chun (Seoul National University of Science and Technology)
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Year2025
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VolumeVol.73
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NumberNo.1
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Adam Smith aimed to transform the vertical relationship in pre-modern society into an equal exchange relationship regardless of social status through the market of anonymity. Thus, post-Smithian economics tends to overlook the role of reciprocity and virtue in the market. Zamani and Bruni, who build on Antonio Genoves’s civil economy concept, argue that the goal of the market should be mutual benefit through reciprocity and virtue. This paper examines rational choice theory, social preference theory, and civil economy and compares the respective payoffs in a market using game model. Further, this paper discusses the ethos of market in civil economy.
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