Abstract

It is widely believed that just societies would be characterized by some combination of democratic political institutions and market-based economic institutions. Underlying the commitment to the combination of democracy and markets is the view that certain normatively significant outcomes in a society ought to be determined by democratic processes, while others ought to be determined by market processes. On this view, we have reason to object when market processes are employed in ways that circumvent democratic processes and affect outcomes that ought to be determined democratically. In this paper, I argue that Waheed Hussain’s recent account of the conditions that must be met in order for the use of market power in pursuit of social change to avoid conflict with democratic values is objectionably narrow, and offer an alternative account that avoids the problems that undermine his account without abandoning the requirement that democratic values be properly respected. The central feature of my account that makes this possible is a broader conception of democratic processes that includes public deliberation and debate aimed at shaping informal social norms and practices.