moral economy

Moral economy refers to the way a community’s shared values and ethical principles influence economic behavior and decisions. It emphasizes that economic actions are not solely driven by profit or self-interest but are also shaped by social norms, fairness, and what is considered morally right. For example, a community might prioritize local businesses or fair wages because they believe these actions support social well-being and justice. Essentially, moral economy recognizes that economic activity is interconnected with ethical considerations, highlighting that economic practices often reflect communal morals and values.