"Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs"
About this Quote
Soros is doing something rare for a financier: praising markets without romanticizing them. He calls them a "great invention" in the same breath he draws a bright line around their competence. That first clause signals credibility to a pro-market audience, then the pivot lands the real message: markets excel at translating private desire into prices, not at translating public need into outcomes. The compliment functions like a rhetorical safe-conduct pass, letting him critique capitalism from inside the house.
The subtext is an argument against the lazy belief that aggregate self-interest automatically becomes social good. Soros is pointing at a design feature, not a glitch. Profit is a powerful signal, but it only lights up where someone can pay. Social needs (clean air, stable democracies, public health, dignified work) often lack a buyer with enough money, a clear price, or a short time horizon. So the market "works" while the society frays, and the result can still be an efficient catastrophe.
Context matters: Soros made his fortune by navigating and exploiting market dynamics; he also became a prominent funder of liberal civil society projects. That biography sharpens the intent. He isn't confessing guilt so much as issuing a systems diagnosis: if you want markets to serve ends they weren't built for, you need institutions that do have that job description - regulation, taxation, public investment, and norms that treat social cohesion as more than an externality. The line reads as both defense and warning: celebrate the machine, but stop asking it to be a moral philosophy.
The subtext is an argument against the lazy belief that aggregate self-interest automatically becomes social good. Soros is pointing at a design feature, not a glitch. Profit is a powerful signal, but it only lights up where someone can pay. Social needs (clean air, stable democracies, public health, dignified work) often lack a buyer with enough money, a clear price, or a short time horizon. So the market "works" while the society frays, and the result can still be an efficient catastrophe.
Context matters: Soros made his fortune by navigating and exploiting market dynamics; he also became a prominent funder of liberal civil society projects. That biography sharpens the intent. He isn't confessing guilt so much as issuing a systems diagnosis: if you want markets to serve ends they weren't built for, you need institutions that do have that job description - regulation, taxation, public investment, and norms that treat social cohesion as more than an externality. The line reads as both defense and warning: celebrate the machine, but stop asking it to be a moral philosophy.
Quote Details
| Topic | Justice |
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