"Do Markets Corrupt Our Morals?" Highlights from the CE Public Lecture
Professor Virgil Storr of George Mason University delivered the spring 2025 Center for Ethics Public Lecture, addressing the pivotal question: “Do Markets Corrupt Our Morals?” His lecture focused on the intricate intersection of economics and morality, challenging common perceptions of markets as inherently corrupting forces.
Storr argued that while both critics and proponents of markets often acknowledge certain moral shortcomings associated with them, they frequently fail to adequately address whether markets are inherently corrupting. He directly challenged the notion that markets inevitably undermine morality by examining three core propositions: whether vice is more prevalent in market societies, whether increased market orientation correlates with more vice, and whether individual market participation erodes virtue.
"It turns out that there's a strange kind of debate about the morality of markets that takes place,” Professor Storr noted. “The people who love markets, ironically, seem to also think that there's something morally problematic about markets."
Contrary to the claim that markets contribute to moral decline, Storr presented empirical evidence indicating that market societies tend to perform better across multiple moral and social metrics, including health, education, and overall well-being. His findings encourage a significant reevaluation of how we perceive the moral implications of economic systems.
"This claim ‘do markets corrupt us?’ isn't a philosophical claim at all,” he asserted. “It's actually a theoretical claim about what markets are and how markets actually can work, and an empirical claim about how markets have worked in the past."
Drawing upon historical examples, such as the socio-economic progression observed among enslaved individuals in the Bahamas who gained access to markets, Storr illustrated how market environments can not only foster virtuous behaviors but also enhance charitable actions, altruism, and social trust. This counterintuitive perspective invites a broader conversation about the dynamic relationship between economics and ethical practices.
Storr concluded that interaction within markets has the potential to cultivate moral character. He emphasized the crucial importance of contextualizing market behavior within a well-structured policy framework, particularly considering how policies influence the ethical landscape of market behaviors and the regulatory impacts on market dynamics.
Professor Storr’s lecture inspired engaged questions from the audience, fostering ongoing inquiry into the significant connections between market exchange, moral integrity, and overall well-being.
The Center for Ethics public lectures serve as a vital platform for intellectual exchange, where scholars and practitioners from a broad range of intellectual and professional disciplines, along with concerned citizens, can engage with pressing ethical questions. Since 2001, the Center has hosted more than 200 guest speakers discussing contemporary topics in ethics. These lectures are offered free and are open to all members of the Tulane community as well as the general public.
