LAUSR

Abstract Contesting the central tenets of mainstream economic theory, Michael Sandel’s work on markets argues that the marketization of certain goods risks corrupting the value of those goods, and that a reinvigorated public discourse is needed to establish the appropriate use of markets. This article assesses Sandel’s work on markets, arguing that although it provides a convincing critique of liberal defenses of the market, it does not do enough to challenge marketization itself. To illuminate the flaws of Sandel’s argument, the article contrasts it with Marxist critiques of neoliberalism, arguing that the latter oppose the expansion of markets and market thinking in more comprehensive and productive ways. Specifically, it is argued that Sandel ignores the one market that underpins all other markets, namely the labor market; erroneously suggests that marketization is caused by the dominance of market thinking; and fails to appreciate the class interests that are served by growing marketization.