The epistemic division of labour in markets: knowledge, global trade and the preconditions of morally responsible agency

Abstract

AbstractMarkets allow for the processing of decentralized information through the price mechanism. But in addition, many markets rely on other mechanisms in markets, or non-market institutions, that provide and manage other forms of knowledge. Within national economies, these institutions form an ‘epistemic infrastructure’ for markets. In global markets, in contrast, this epistemic infrastructure is very patchy, undermining the preconditions for morally responsible agency. New technologies might help to improve the epistemic infrastructure of global markets, but they require conceptualizing knowledge not only as a tradable good, but also as a precondition of morally responsible agency.