Markets Need Morals

“What has happened to drive CEO pay out of all proportion to that of the rest of the workforce – not just as salary but also in the form of bonuses, share options and other benefits – is what looks uncommonly like collusion between senior executives and board members, without thought of what is best for employees, communities and nations involved. This itself is only one example of the larger problem, however, which is that the market is better at creating wealth than distributing it, and equitable distribution requires something other than self-interest. It needs a sense of the common good, of the ‘We’ not just the ‘I’. Markets need morals.”

Morality, Chapter 6, p. 93