Are Markets Moral?

Even Aristotle warned against free markets

Photo by S. Ruvalcaba on Unsplash

At the height of the Great Financial Crisis, in a year when over 5 million people lost their jobs, Goldman Sachs CEO Lloyd Blankfein defended outsize banker bonuses by claiming the investment bank was doing “God’s work.” Worse, Blankfein seemed to genuinely believe the million-dollar payouts benefited society:

“Is it possible to have…