Virgil Storr | George Mason University (original) (raw)

Papers by Virgil Storr

Market skeptics have persuasively argued that the market is a social arena that is not simply amo... more Market skeptics have persuasively argued that the market is a social arena that is not simply amoral but that has negative moral consequences. Market apologists have offered two basic responses to this kind of charge: that the market is amoral and that it transforms private vice into public virtue. This chapter, however, directly discusses the moral teachings of the market i.e. the moral sentiments individuals are likely to acquire and develop as they engage in the market. Rather than celebrating selfishness and greed, I argue that the market tends to punish both vices. The market is a moral teacher. Keywords: Adam Smith, market morality, impartial spectator, man in the breast * I would like to thank David Schmidtz, Dan Russell, Dan Klein, the participants of the Center for the Philosophy of Freedom colloquium for useful comments on earlier versions of this paper. The authors would also like to thank The University of Arizona Center for the Philosophy of Freedom for generous financial support. Electronic copy available at: http://ssrn.com/abstract=2262324 2 I. Introduction The market is an area where buyers and sellers exchange goods and services. It could refer to a particular geographic location (e.g. the local bizarre). It could also refer to a sphere where buyers and sellers exchange a particular good (e.g. the market for oranges) or set of goods (e.g. the market for foodstuffs) or all the goods that are exchanged in a particular community. Conceived of in this way, markets are ubiquitous. It is difficult to imagine a modern society without a quite extensive market and almost impossible to imagine any society without at least a nascent market. Moreover, the scope of the market appears to be continually and unrelentingly expanding, including an increasing number of people in its nexus and touching more and more aspects our daily lives. It is perhaps not surprising, then, that there has been a great deal of concern about not only the economic features of the market but also its social and moral aspects. What are the institutional prerequisites for well functioning markets? How does engaging in market activity affect our social relationships? And, the question I attempt to answer here, does engaging in the market have moral consequences and if so what are they likely to be? Market skeptics have persuasively argued that the market is a social arena that is not simply amoral but that has negative moral consequences. We cannot, they insist, interact in the market and come away unchanged. Instead, they argue, the market brings out the worse in us and, might, if we'ʹre not careful, even make us morally worse people. Our worst selves, they suggest, are not only given free reign in the market but are rewarded and, so, encouraged in the market. Market apologists have offered two basic responses to this kind of charge: (a) that the market is amoral and (b) that the market transforms private vice into public virtue. The market, most market advocates will insist, is an amoral social arena. Markets, they argue, are neither good nor bad. People bring and live their values out in the market, which can easily and happily accommodate both sinners and saints. To accuse the market of promoting vice or to credit it with promoting virtue are, thus, both seen as out of bounds. Although most market apologists tend to stress the amoral character of the market, many will also point out that the market has the potential to transform private vices into public virtues. The greedy businessman, they explain, acting with regard to his self-­‐‑ interest is compelled (as if by an invisible hand) to satisfy the needs and desires of others since that is the only way in the market that he can improve his condition. His selfish desire to better his own condition pushes him to serve others by offering more and better goods and services. Stated another way, in the market our passions are held in check by our interests. Unfortunately, neither response actually addresses the critics' concerns. Neither response actually discusses whether or not the market promotes virtue or vice. The first response, i.e. the argument that markets are amoral, denies the charge by pointing out that it is possible to remain virtuous while engaging in market activity. It does not address the market critics assertion that there are likely to be much more sinners in the market than saints. Instead, it suggests that if there are more sinners than saints in the market then we must ascribe blame elsewhere. The market is not and, in fact, cannot be at fault. The second response, i.e. the argument that the market transforms private vice into public virtue, does not avoid the market critics' assertion that

This paper examines how social capital aids in post-disaster community recovery and redevelopment... more This paper examines how social capital aids in post-disaster community recovery and redevelopment.While previous studies on social capital and post-disaster recovery have tended to focus on social networks as a source of necessary assistance, the primary focus of this study is on how social capital in the form of collective narratives affects post-disaster recovery. We argue that collective narratives can shape the recovery strategies that individuals adopt. To illustrate this we examine the post-Katrina recovery efforts in St. Bernard Parish, an area devastated by flooding and significant environmental damage. In particular, we focus on the shared narrative that dominated qualitative interview data collected in St. Bernard, namely, its shared identity as a close-knit, family-oriented community comprised of hard workers. This narrative led community members to adopt a strategy that emphasized self-reliance.

Sociological research on the relationship between social bonds and economic activity typically fo... more Sociological research on the relationship between social bonds and economic activity typically focuses on how social bonds facilitate economic activity. There is, however, a growing and important literature on the development of commercial relationships into social friendships and the important role that commercial spaces can play in facilitating social connections. To date, however, this research has not focused on the important role that these commercial friendships and spaces can play in facilitating an individual's recovery efforts after a major disaster like a tornado, hurricane or flood. It has also not focused on the effect that major disasters can have on commercial ties. Moreover, while the sociological literature on post-disaster recovery has emphasized the important role of social capital, it has not emphasized the role that social networks developed within commercial contexts can play in helping individuals to rebound from disaster. This article is an effort to fill these gaps in the literature. Using interview data collected in the Gulf Coast following Hurricane Katrina, we argue and describe how meaningful social bonds that emerge out of and are facilitated by commercial activity as well as the social spaces provided by commercial entities can facilitate community rebound after a major disaster.

This article responds to the points raised by Deirdre McCloskey, Emily Chamlee-Wright, Rob Garnet... more This article responds to the points raised by Deirdre McCloskey, Emily Chamlee-Wright, Rob Garnett and Solomon Stein in the symposium on my book Understanding the Culture of Markets (Routledge 2013).

A community's capacity for self-governance depends on the social coordination capacity of communi... more A community's capacity for self-governance depends on the social coordination capacity of community organizations and associations, the ability of community members to effectively access both bonding and bridging social capital, the ability of community members to leverage their shared histories and perspectives, and the stability of social networks within the community. Both Elinor Ostrom and Jane Jacobs have explored how a community's capacity for self-governance affects its ability to solve complex problems (for example, dealing with crime, the provision of public goods, or problems of neighborhood blight). The greater a community's capacity for self-governance the better able it is to deal with these complex challenges. This paper examines how pre-disaster systems of self-governance aid in postdisaster community recovery. Our analysis focuses on the Mary Queen of Vietnam (MQVN) community and Gentilly, examines the effectiveness of their systems of self-governance prior to Hurricane Katrina and explores the role these systems played in promoting community recovery after the disaster.

An entrepreneur's prior knowledge and experience play a critical role in his ability to identify ... more An entrepreneur's prior knowledge and experience play a critical role in his ability to identify and exploit entrepreneurial opportunities. Although entrepreneurship research has acknowledged the role that prior information and prior knowledge play in opportunity recognition, few studies have explored their role in entrepreneurial discovery. We test the role of a particular prior knowledge in entrepreneurial discovery within a laboratory setting. Participants were randomly assigned to one of two treatment groups. Those in the propitious treatment were given prior knowledge that oriented them toward the arbitrage opportunity within the experiment, and those in the unpropitious treatment were given prior knowledge that oriented them away. As hypothesized, those in the propitious treatment were significantly more likely to discover the arbitrage opportunity.

Bay Street, the main thoroughfare in Nassau, The Bahamas' capital city, is a storehouse for much ... more Bay Street, the main thoroughfare in Nassau, The Bahamas' capital city, is a storehouse for much of that country's social memory. It has been the stage for some of the most significant events in The Bahamas' history and continues to be at the center of Bahamian cultural, economic, and political life. Understandably, Bay Street has also been a contested space. This article discusses the contested nature of Bay Street using the 1942 riot, a key event in Bahamian political history that occurred on Bay Street, and Junkanoo, an important cultural festival in The Bahamas.

Market skeptics have persuasively argued that the market is a social arena that is not simply amo... more Market skeptics have persuasively argued that the market is a social arena that is not simply amoral but that has negative moral consequences. Market apologists have offered two basic responses to this kind of charge: that the market is amoral and that it transforms private vice into public virtue. This chapter, however, directly discusses the moral teachings of the market i.e. the moral sentiments individuals are likely to acquire and develop as they engage in the market. Rather than celebrating selfishness and greed, I argue that the market tends to punish both vices. The market is a moral teacher. Keywords: Adam Smith, market morality, impartial spectator, man in the breast * I would like to thank David Schmidtz, Dan Russell, Dan Klein, the participants of the Center for the Philosophy of Freedom colloquium for useful comments on earlier versions of this paper. The authors would also like to thank The University of Arizona Center for the Philosophy of Freedom for generous financial support. Electronic copy available at: http://ssrn.com/abstract=2262324 2 I. Introduction The market is an area where buyers and sellers exchange goods and services. It could refer to a particular geographic location (e.g. the local bizarre). It could also refer to a sphere where buyers and sellers exchange a particular good (e.g. the market for oranges) or set of goods (e.g. the market for foodstuffs) or all the goods that are exchanged in a particular community. Conceived of in this way, markets are ubiquitous. It is difficult to imagine a modern society without a quite extensive market and almost impossible to imagine any society without at least a nascent market. Moreover, the scope of the market appears to be continually and unrelentingly expanding, including an increasing number of people in its nexus and touching more and more aspects our daily lives. It is perhaps not surprising, then, that there has been a great deal of concern about not only the economic features of the market but also its social and moral aspects. What are the institutional prerequisites for well functioning markets? How does engaging in market activity affect our social relationships? And, the question I attempt to answer here, does engaging in the market have moral consequences and if so what are they likely to be? Market skeptics have persuasively argued that the market is a social arena that is not simply amoral but that has negative moral consequences. We cannot, they insist, interact in the market and come away unchanged. Instead, they argue, the market brings out the worse in us and, might, if we'ʹre not careful, even make us morally worse people. Our worst selves, they suggest, are not only given free reign in the market but are rewarded and, so, encouraged in the market. Market apologists have offered two basic responses to this kind of charge: (a) that the market is amoral and (b) that the market transforms private vice into public virtue. The market, most market advocates will insist, is an amoral social arena. Markets, they argue, are neither good nor bad. People bring and live their values out in the market, which can easily and happily accommodate both sinners and saints. To accuse the market of promoting vice or to credit it with promoting virtue are, thus, both seen as out of bounds. Although most market apologists tend to stress the amoral character of the market, many will also point out that the market has the potential to transform private vices into public virtues. The greedy businessman, they explain, acting with regard to his self-­‐‑ interest is compelled (as if by an invisible hand) to satisfy the needs and desires of others since that is the only way in the market that he can improve his condition. His selfish desire to better his own condition pushes him to serve others by offering more and better goods and services. Stated another way, in the market our passions are held in check by our interests. Unfortunately, neither response actually addresses the critics' concerns. Neither response actually discusses whether or not the market promotes virtue or vice. The first response, i.e. the argument that markets are amoral, denies the charge by pointing out that it is possible to remain virtuous while engaging in market activity. It does not address the market critics assertion that there are likely to be much more sinners in the market than saints. Instead, it suggests that if there are more sinners than saints in the market then we must ascribe blame elsewhere. The market is not and, in fact, cannot be at fault. The second response, i.e. the argument that the market transforms private vice into public virtue, does not avoid the market critics' assertion that

This paper examines how social capital aids in post-disaster community recovery and redevelopment... more This paper examines how social capital aids in post-disaster community recovery and redevelopment.While previous studies on social capital and post-disaster recovery have tended to focus on social networks as a source of necessary assistance, the primary focus of this study is on how social capital in the form of collective narratives affects post-disaster recovery. We argue that collective narratives can shape the recovery strategies that individuals adopt. To illustrate this we examine the post-Katrina recovery efforts in St. Bernard Parish, an area devastated by flooding and significant environmental damage. In particular, we focus on the shared narrative that dominated qualitative interview data collected in St. Bernard, namely, its shared identity as a close-knit, family-oriented community comprised of hard workers. This narrative led community members to adopt a strategy that emphasized self-reliance.

Sociological research on the relationship between social bonds and economic activity typically fo... more Sociological research on the relationship between social bonds and economic activity typically focuses on how social bonds facilitate economic activity. There is, however, a growing and important literature on the development of commercial relationships into social friendships and the important role that commercial spaces can play in facilitating social connections. To date, however, this research has not focused on the important role that these commercial friendships and spaces can play in facilitating an individual's recovery efforts after a major disaster like a tornado, hurricane or flood. It has also not focused on the effect that major disasters can have on commercial ties. Moreover, while the sociological literature on post-disaster recovery has emphasized the important role of social capital, it has not emphasized the role that social networks developed within commercial contexts can play in helping individuals to rebound from disaster. This article is an effort to fill these gaps in the literature. Using interview data collected in the Gulf Coast following Hurricane Katrina, we argue and describe how meaningful social bonds that emerge out of and are facilitated by commercial activity as well as the social spaces provided by commercial entities can facilitate community rebound after a major disaster.

This article responds to the points raised by Deirdre McCloskey, Emily Chamlee-Wright, Rob Garnet... more This article responds to the points raised by Deirdre McCloskey, Emily Chamlee-Wright, Rob Garnett and Solomon Stein in the symposium on my book Understanding the Culture of Markets (Routledge 2013).

A community's capacity for self-governance depends on the social coordination capacity of communi... more A community's capacity for self-governance depends on the social coordination capacity of community organizations and associations, the ability of community members to effectively access both bonding and bridging social capital, the ability of community members to leverage their shared histories and perspectives, and the stability of social networks within the community. Both Elinor Ostrom and Jane Jacobs have explored how a community's capacity for self-governance affects its ability to solve complex problems (for example, dealing with crime, the provision of public goods, or problems of neighborhood blight). The greater a community's capacity for self-governance the better able it is to deal with these complex challenges. This paper examines how pre-disaster systems of self-governance aid in postdisaster community recovery. Our analysis focuses on the Mary Queen of Vietnam (MQVN) community and Gentilly, examines the effectiveness of their systems of self-governance prior to Hurricane Katrina and explores the role these systems played in promoting community recovery after the disaster.

An entrepreneur's prior knowledge and experience play a critical role in his ability to identify ... more An entrepreneur's prior knowledge and experience play a critical role in his ability to identify and exploit entrepreneurial opportunities. Although entrepreneurship research has acknowledged the role that prior information and prior knowledge play in opportunity recognition, few studies have explored their role in entrepreneurial discovery. We test the role of a particular prior knowledge in entrepreneurial discovery within a laboratory setting. Participants were randomly assigned to one of two treatment groups. Those in the propitious treatment were given prior knowledge that oriented them toward the arbitrage opportunity within the experiment, and those in the unpropitious treatment were given prior knowledge that oriented them away. As hypothesized, those in the propitious treatment were significantly more likely to discover the arbitrage opportunity.

Bay Street, the main thoroughfare in Nassau, The Bahamas' capital city, is a storehouse for much ... more Bay Street, the main thoroughfare in Nassau, The Bahamas' capital city, is a storehouse for much of that country's social memory. It has been the stage for some of the most significant events in The Bahamas' history and continues to be at the center of Bahamian cultural, economic, and political life. Understandably, Bay Street has also been a contested space. This article discusses the contested nature of Bay Street using the 1942 riot, a key event in Bahamian political history that occurred on Bay Street, and Junkanoo, an important cultural festival in The Bahamas.