16th July, 2020
Moral Economy is an economy based on value of goodness and moral values
- Tribes and small villages operate using the moral economy (or used to till it was replaced by Market)
- An advantage of the moral economy was its ability to detect, account for, reward or punish the many ways individual actions effect others.
- It was able to reward those doing their fair share of contribution to the society and its individuals and punish slackers.
- Moral economies failed when societies started opening up and trade began at scale, requiring you to interact and trade with people whos reputation dont know.