diff --git a/concepts/market-fundamentalism.md b/concepts/market-fundamentalism.md index e8349ee..97d729d 100644 --- a/concepts/market-fundamentalism.md +++ b/concepts/market-fundamentalism.md @@ -1,10 +1,10 @@ # 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. @@ -13,4 +13,4 @@ the social responsibility of business is to increase its profits, possibly by an 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. \ No newline at end of file +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.