Years ago, I came across a quote by John Kenneth Galbraith in Tom Butler-Bowdon’s 50 Economics Classics—a brilliant book, by the way, and an accessible introduction to fifty foundational works that most of us are unlikely to ever read cover to cover. Galbraith’s point was simple: “Where the market works, I’m for that.…
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Yes markets make people more outward looking, trusting, and tolerant, but:
All this sounds pretty good for the Montesquieus of the world. But the researchers had another result. Greater market access did seem to weaken family-based co-operation, lowering the share of vulnerable people including orphans, people with disabilities and the elderly being looked after by relatives at home.
So if you were looking for a simple answer, sorry. The study supports both sides’ view of markets — they make it easier to co-operate with strangers but potentially weaken ties closer to home. Think of the Marmite not as delicious nor disgusting, but as a complex mix of flavours reorienting your taste buds.