Repugnant market
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A repugnant market is a term used to describe an area of commerce that is considered by society to be outside of the range of market transactions and that bringing this area into the realm of a free market would be inherently immoral or uncaring. For example, many people consider a free market in human organs to be a repugnant market or the ability to bet on terrorist acts in prediction market to be repugnant.
[edit] Examples
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The repugnancy of markets varies according to time and culture. Slavery is a market currently considered repugnant while for much of recorded history it was considered very lucrative and acceptable. Examples of markets considered repugnant at one time or place include:
- Adoption and surrogacy (legal in India and most states in the U.S., but banned in the remaininder, Australia, France and Japan)[1]
- Advertising for tobacco and alcohol
- Birth control
- Cadavers
- Citizenship and/or immigration[2] (Investor visas such as the U.S. E-2 visa are exceptions)
- Currency speculation
- Egg donation for research purposes
- Gambling
- Illegal drug trade
- Life insurance
- Meat of horses or dogs in California[3]
- Metered parking[4]
- Military mercenaries
- Organ trade and organ donation from a live donor (Turkey and the Philippines are notable exceptions[5][6][7]}
- Payola
- Pornography (still repugnant in some countries/cultures)
- Certain prediction markets (e.g. 'terrorism futures market')
- Product placement in some European countries[8]
- Prohibition of alcoholic beverages
- Prostitution
- Real estate in Cuba[9]
- Selling short
- Slavery or indentured servitude
- Usury (historically in Christian countries)
- Vote buying[10]
[edit] References
- ^ Gentleman, A. "India Nurtures Business of Surrogate Motherhood", The New York Times, 2008-03-10. Retrieved on 2008-05-15.
- ^ Freeman, RB (2006-06-01). "People Flows in Globalization". NBER Working Paper 12315.
- ^ Roth, AE (2007). "Repugnance as a Constraint on Markets" (pdf). Journal of Economic Perspectives 21 (3): 37-58.
- ^ Crossen, C. "When Parallel Parking Was New and Meters Seemed Un-American", The Wall Street Journal, 2007-06-30. Retrieved on 2008-05-15.
- ^ Satel, S. "Desperately Seeking a Kidney", The New York Times, 2007-12-16. (subscription only)
- ^ Hippen, BE (2008-03-20). Organ Sales and Moral Travails: Lessons from the Living Kidney Vendor Program in Iran. Cato Institute. Retrieved on 2008-05-15.
- ^ Dubner, SJ (2008-04-29). Human Organs for Sale, Legally, in ... Which Country?. The New York Times Freakonomics Blog. Retrieved on 2008-05-15.
- ^ In the picture. The Economist (2007-11-01).
- ^ Lacey, M. "With a Whisper, Cuba’s Housing Market Booms", The New York Times, 2008-01-28. Retrieved on 2008-05-15.
- ^ Schaffer, FC; Schedler A (2005-11-28). What is Vote Buying? The Limits of the Market Model (pdf). Stanford University, Department of Political Science. Retrieved on 2008-05-15.
[edit] External links
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