In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:The Tyranny of Merit: What’s Become of the Common Good? by Michael J. SandelYoko NagaseMichael J. Sandel. The Tyranny of Merit: What’s Become of the Common Good? New York: Penguin Books, 2021. 272 pp. Hardcover, £9.99. ISBN 978-0-141-99117-7.Is a meritocratic capitalist society a utopia? The answer depends on who you are. A libertarian is likely to embrace the meritocratic credo that talent and effort deserve rewards, regarding their (...) success in a competitive market system as their own doing and even looking down on those who are not successful (25). A liberal may emphasize the need for a redistributive safety net and yet still promote meritocratic capitalism as utopian as we may ever achieve.1 Michael Young, who coined the term meritocracy in 1958, depicted an imaginary meritocratic society as a dystopia (116). In The Tyranny of Merit, Michael J. Sandel spends six out of seven chapters exemplifying the misery of not-being-a-winner in a meritocratic society.The Tyranny of Merit does a brilliant job at providing an “A-ha!” moment to anyone who has been compelled to accept, and to live with, the seemingly fair meritocratic rule of evaluating individuals, despite the frustrating awareness that something is not quite right. The author articulates exactly what’s wrong with meritocratic capitalism.The problem of meritocratic capitalism is, succinctly put, “merit drives out grace” (58). Meritocratic capitalism denigrates those who lack abilities or, worse, it humiliates those who hold jobs that are needed by the society but do not pay a lot (203). Meritocracy provides a justification for inequality that markets deliver by making people believe that their success is their own doing, not something they inherit (120, 125). However, distribution of income and wealth based on the natural distribution of talent and abilities on which the success depends is just as arbitrary as the distribution based on the [End Page 154] historical and social fortune such as class.2 This lack of gratitude and humility among those who are rewarded richly by the markets, Sandel points out, discourages the successful people from caring for the common good or those who are less fortunate than themselves (14, 59).Any mainstream introductory economics textbook would say that prices provide market participants with information about the scarcity of productive inputs and incentive to pursue their self-interests (utility and profits), resulting in markets’ delivering goods and services that best serve consumers’ needs and wants. These textbooks would also clarify that efficiency that markets deliver in allocating productive resources and goods does not imply that the outcomes are necessarily fair or equitable. What is not necessarily made explicitly clear, however, is that market prices do not represent moral values. Rawls, Hayek, and Friedman agreed with Knights in that a market price depends on supply and demand that depend on institutional settings such as property rights, taxation, and support for higher education; therefore, distributing according to the market outcome has “little or no ethical significance.”3 Sandel laments that, in reality, those who are marked by markets as lacking merits (via low pay) live with a sense of demoralizing, humiliating failure (185). The outcome is a lack of contributive justice; those who lack merits struggle to achieve the recognition and honor that they deserve for what they offer through their works (203).What is likely to be completely missing in introductory economics classes at universities is the emphasis on contributive justice. Contributive justice, in my view, is the most important concept introduced by The Tyranny of Merit. The author emphasizes that individuals should be given a chance “to win the social recognition and esteem that go with producing what others need and value” (206). The author challenges us to think again how we should value different types of occupations (191). Aren’t plumbers, social workers, and teachers just as important for society as bankers? Why should there be any prejudice against those who choose not to go to universities? (73). Economics should emphasize that we are not just consumers; we are (proudly?) producers as well. Chapter 3 of The Tyranny of Merit provides many examples of politicians embracing meritocratic policies based on... (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist by Kate RaworthYoko NagaseKate Raworth, Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. London: Random House Business Books, 2017. 372 pp. £20. ISBN 9781847941374.Question: Is this a book about utopia? Answer: Yes, indeed; it is a book about a twenty-first-century utopia represented by the Doughnut.The author presents a vision of a pragmatic utopia, represented by the (...) inside of her Doughnut that is both distributive and regenerative. According to the author, a distributive economy is "one whose dynamics tend to disperse and circulate value as it is created, rather than concentrating it in ever-fewer hands." A regenerative economy is "one in which people become full participants in regenerating Earth's life-giving cycles so that we thrive within planetary boundaries" (156).The emphasis on the fair distribution of income, wealth, and means of production is an ideal pursued by famous utopians, from perfectly equal distribution of everything in Thomas More's Utopia to very libertarian position of "whatever he has justly made he has a right to keep" by H. G. Wells.1 The distributive Doughnut community aims to enable individuals to be, in Amartya Sen's words, "healthy, empowered and creative—so that they can choose to be and do things in life that they value" (43). This ideal of individuals' rights to choose their life and to realise their ends is the centerpiece of libertarians' ideal society.2 The Doughnut, however, leans heavily toward democratic socialism. Arguments for redistributive measures such as a universal basic income and taxes on land and wealth put forward by the author go beyond promoting equal opportunity and emphasize the necessity of economic means to make the best out of the opportunities (164, 180, 200). [End Page 528]The issue of sustainability at the global level is a concept that does not appear in the classical utopian literature, even though the idea of living happily in perpetuity is very much the tenet of many classical utopian societies. Given the extent of the geographical knowledge that existed by the time Wells explored his idea of a utopia, he was no longer able to set it in some not-yetdiscovered place on Earth like his predecessors did—hence the adaptation of "another planet."3 But this setup had nothing to do with the concept of the ecological limit of Earth. Pre-nineteenth-century utopians would be familiar with the contents of the Doughnut's foundation, the inner shell that consists of the social and economic factors such as food, health, education, and housing. However, the outer shell of the Doughnut is very twenty-first century, enclosing the nine planetary boundaries of the Doughnut as a life-support system, such as ozone layer depletion, ocean acidification, biodiversity loss, and climate change (44–48).The author points out that we need to get a grip on understanding how we belong in the world. Instead of relying on the power of words as George Orwell's Thought Police, the author takes full advantage of the power of the visual, by drawing the Doughnut as a map for a new economy and society.4 If studying economics is tantamount to "mastering the mother tongue of public policy" (287), Doughnut Economics is a critical introduction to and the foundation of economic, environmental, and social policymaking.Rather than utopias as purely thought exercise by Plato or More, Raworth, like David Hume, presents a model of a utopia that is meant to be achievable.5 The economics of the Doughnut does not depend on any unrealistic assumptions of human nature. The author proposes means to reaching inside the Doughnut without abolishing the market system or private property rights. But a strong emphasis is placed on additional redistributive policies and regulations that are deemed critical toward sustainability. This position is consistent with that of the former chancellor of Germany who reportedly said that she "wanted as much market economics as possible, but as much state intervention as necessary."6 In promoting the open-source circular economy movement, the author wonders if it may seem "unfeasibly utopian" (231). Yet given the pace... (shrink)

This book poses the question of: what is an ideal tax system, in a utopian society?What is taxation? It is "government-required sacrifice for the general welfare" imposed on the members of society.1 This clear and simple definition allows the author to explore hypothetical tax systems of utopian communities based on their corresponding moral principles, viewing more broadly than just pecuniary taxes. This is an enlightening exercise, and in this sense the book successfully stimulates the reader's mind. As the functional context (...) of taxation as defined above can take the form of nonmonetary rules and legal requirement of society, the author studies such "constructive" taxes in utopian societies, as... (shrink)