Michael Sandel: Why we shouldn't trust markets with our civic life

The video explores the pervasive role of money and markets in society, highlighting how market mechanisms have infiltrated various aspects of life, from prison cell upgrades to education. It contrasts market societies with market economies, emphasizing the impact on inequality and social values. The discussion includes a debate on cash incentives in education, questioning whether they undermine intrinsic motivation. The video concludes by examining how marketization affects democracy and commonality, urging a public discourse on the moral implications of market-driven practices.

What is a market society as described in the video?

• A society that bans all forms of trade

• A society with no economic transactions

• A society where everything is up for sale

• A society where only luxury goods are sold

What is one of the main concerns about market societies?

• They increase the cost of living

• They reduce the number of available jobs

• They eliminate the need for education

• They exacerbate inequality

What is the proposed market solution for motivating students in schools?

• Increasing homework assignments

• Reducing school hours

• Providing cash incentives for good grades

• Offering free meals

What was one of the outcomes of the cash incentive experiments in schools?

• Students read longer books

• Students stopped reading altogether

• Students read more but shorter books

• Students showed no change in reading habits

What do economists often assume about markets?

• Markets are only for material goods

• Markets are always beneficial

• Markets are dynamic and change goods

• Markets are inert and do not affect goods

What is a potential negative effect of market mechanisms on nonmaterial goods?

• They undermine nonmarket values

• They increase the value of goods

• They improve the quality of goods

• They make goods more accessible

What is essential for democracy according to the video?

• Citizens sharing a common life

• Elimination of all social differences

• Perfect equality among citizens

• Complete market freedom

What does the video suggest about the role of markets in society?

• Markets should govern all aspects of life

• Markets should be limited to material goods

• Markets should be the sole focus of public discourse

• Markets should replace civic values

What is one of the corrosive effects of putting a price on everything?

• It diminishes the sense of commonality

• It enhances democratic values

• It increases social cohesion

• It reduces economic inequality

What does the video emphasize about public discourse?

• It should include discussions on the value of social practices

• It should be limited to political issues

• It should avoid controversial topics

• It should focus solely on economic growth