Consumption between Market and Morals: A Socio-cultural Consideration of Moralized Markets

Abstract

At a time when the formerly strictly separated roles of citizen and consumer are arguably blurry, and when once powerful social institutions increasingly must yield to new social forces based on heightened knowledgeability and historically unprecedented wealth, it is likely that the economy of modern society is also subject to implicit changes. In this article, we argue that traditional theories of the market are increasingly losing their basis for analysing economic relationships as purely rational acts of exchange and utility maximization. Instead, what can be witnessed is an increase in the influence of values and norms on markets, guiding our attention to how deeply embedded economic action is in modern culture. We put forward the idea of a moralization of markets, which has begun to change our conceptions and theories regarding what is at stake in a modern economy fundamentally. We conclude that in the future, production processes and standards, codes of conduct and consumer reasoning will become all the more important for doing business in Western knowledge societies.