Reluctant Fundamentalist Important Quotes

A common strand appeared to unite these conflicts, and that was the advancement of a small coterie’s concept of American interests in the guise of the fight against terrorism, which was defined to refer only to the organized and politically motivated killing of civilians by killers not wearing the uniforms of soldiers. I recognized that if this was to be the single most important priority of our species, then the lives of those of us who lived in lands in which such killers also lived had no meaning except as collateral damage. This, I reasoned, was why America felt justified in bringing so many deaths to Afghanistan and Iraq, and why America felt justified in risking so many more deaths by tacitly using India to pressure Pakistan.

Market fundamentalism is a harsh accusation. Christian fundamentalists are notorious for their strict biblical literalism, their unlimited willingness to ignore or twist the facts of geology and biology to match their prejudices. For the analogy to be apt, the typical economist would have to believe in the superiority of markets virtually without exception, regardless of the evidence, and dissenters would have to fear excommunication. From this standpoint, the charge of “market fundamentalism” is silly, failing even as a caricature. If you ask the typical economist to name areas where markets work poorly, he gives you a list on the spot: Public goods, externalities, monopoly, imperfect information, and so on. More importantly, almost everything on the list can be traced back to other economists. Market failure is not a concept that has been forced upon a reluctant economics profession from the outside. It is an internal outgrowth of economists’ self-criticism. After stating that markets usually work well, economists feel an urge to identify important counterexamples. Far from facing excommunication for sin against the sanctity of the market, discoverers of novel market failures reap professional rewards. Flip through the leading journals. A high fraction of their articles present theoretical or empirical evidence of market failure.

(...) concept of Americans interest in the guise of the fight against terrorism, which was defined to refer only to the organised and politically motivated killing of civilians by killers not wearing the uniforms of soldiers. I recognised that if this was to be the single most important priority of our species, then the lives of us who lived lands in which such killers also lived had no meaning except as collateral damage.