The Wealth Money Can’t Buy

Description

Susan L. Goodwin, in The Wealth Money Can’t Buy: The Moral Economy of Markets, convincingly argues that money is nothing but a minute fraction of what actually matters in this world, to wit: true wealth is much greater than mere value. Arguing against the very notion of wealth that it has taken for centuries, the intangible value—the relationships and moral integrity within a community—contribute most to fulfilling life and welfare in the society.

Goodwin describes the manner in which the contemporary economic systems focus more on profit and efficiency, disregarding the morality and social issues that build up a community and personal welfare. She suggests, through numerous examples and moral considerations, that financial success can provide some comfort but is insufficient in itself to create absolute prosperity and happiness. Some major concepts include:

Moral Economy: Looking into the inclusion of moral values in the economic systems.
Social Wealth: the value of relationships, trust, and social support as part and parcel of personal and collective wealth.
Purpose Over Profit: that genuine work and ethical decision-making are more fulfilling than making a profit.
This makes the reader ask what real wealth is. Goodwin argues for an approach where both financial and moral prosperity are valued so that readers can think deeply about their wealth. Thus, according to the author, wealth is experienced better when there is a realization of values such as giving, caring, and serving.