Industries justify harmful practices by framing self-interest as advancing the common good
Evidence
The customary justification in the finance industry—and indeed, industry as a whole—takes the following form: Unfettered by intrusive regulations, commercial innovations flourish, and productive industries fuel economic growth. The finance industry promotes and sustains economic viability for the nation. In doing so it contributes to the livelihood of the nation’s citizenry and raises the standard of living. Market forces are alleged to be governed by rational decision making. The free market rewards good financial practices with success and punishes bad ones with failure, Thus, when left to its own devices, the free market is self-correcting. Thus, the finance industry makes life better for everyone. By vigorously pursuing their self-interests, financiers are advancing the common good. — Albert Bandura, Moral Disengagement, 364
Categorization
Category: Definitional Content
- XREF: Connects to Milgrom’s work on how self-interest and markets produce cooperative outcomes without institutions.
- ADDENDUM: Relevant to ‘On Sacrifice’ framing of how elite self-justification stabilizes harmful systems.