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concepts/market-fundamentalism.md
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# Market Fundamentalism
The belief that [market](../market.md) are inevitable and desirable feature of [capitalism](../capitalism.md) and that efficient and transparent [market making](../market-maker.md) enables capital formation and general public prosperity.
The belief that [markets](../market.md) are an inevitable and desirable feature of [capitalism](../capitalism.md) and that efficient and transparent [market making](../market-maker.md) enables capital formation and general public prosperity.
Often coincides with the belief that [market manipulation](../market-manipulation.md), [asymmetric information](../asymmetric-information.md), and [cartels](../cartel.md) in markets is undesirable because these phenomenon destroy trust in markets and inhibit [price formation](../price-formation.md).
Often coincides with the belief that [market manipulation](../market-manipulation.md), [asymmetric information](../asymmetric-information.md), and [cartels](../cartel.md) in markets are undesirable because these phenomenon destroy trust in markets and inhibit [price formation](../price-formation.md).
The strong form of this ideology coincides with the so-called Friedman Doctrine that
the social responsibility of business is to increase its profits, possibly by any means.
the social responsibility of business is to increase its profits by any means possible.
## References
1. Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
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1. Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
1. Fama, Eugene F., and Kenneth R. French. "Size, value, and momentum in international stock returns." Journal of financial economics 105, no. 3 (2012): 457-472.
1. Jarrow, Robert A. "Market manipulation, bubbles, corners, and short squeezes." Journal of financial and Quantitative Analysis 27, no. 3 (1992): 311-336.
1. Friedman, Milton. "The social responsibility of business is to increase its profits." In Corporate ethics and corporate governance, pp. 173-178. Springer, Berlin, Heidelberg, 2007.
1. Friedman, Milton. "The social responsibility of business is to increase its profits." In Corporate ethics and corporate governance, pp. 173-178. Springer, Berlin, Heidelberg, 2007.