Reformers Propose Market Humanism to Guide Economic Outcomes

Nick Hanauer and Eric Beinhocker argue that markets should prioritize human flourishing over efficiency. They call their approach market humanism and say it can preserve capitalism while producing broader benefits. Washington Monthly reported that Hanauer and Beinhocker do not seek the end of capitalism or markets.

Instead they want markets organized to generate outcomes that benefit humanity rather than concentrating gains among a small number of people.

Gallup polling cited in the report found that 54 percent of Americans view capitalism favorably. The same report noted that a majority of California voters support a billionaire tax measure on the November ballot. New York City’s mayor is a democratic socialist, according to the report. Washington Monthly stated that many Americans have begun to question the merits of capitalism.

Beinhocker advocate elevating human flourishing as the central goal of economic activity. They contend that better organization of markets can achieve this goal without eliminating private enterprise. The reformers appeared in a preview edition of the Washington Monthly podcast to discuss their proposals.