11.5 The Market Economy
Sociocultural Preconditions and Economic Requirements
1. Trust (in banks, insurance companies, suppliers, etc.)
2. Law and order (enforcement of contracts)
3. Security of persons and of property
4. Balancing competition with cooperation (for a safe workplace and a cleaner
environment)
5. Division of responsibility and diffusion of power (an independent judiciary)
6. Community altruism (a social “safety net” for the impaired, chronically
unemployed, elderly, etc.)
7. Social mobility, legitimation of ambition, and toleration of competitiveness
8. Materialistic values as a stimulus to greater production
9. Deferring gratification to generate private saving