I do not take issue with Schansberg's sage warning that dismissing economic analysis from social and political questions would be foolhardy and unproductive. To place economic analysis within the broader framework of genuine human development, we must first sketch out a general theory of culture and then examine the problems of individualism and consumerism, which seem to result from market activity. Beliefs, morals, customs, and economic activity are all influenced by and, in part, shaped by culture. In short, culture provides the context for the expression of a people's values through daily experiences. It is the relationship between culture and markets that leads me to consider the possible effects that markets may have on community and genuine human development.
All economic activity takes place within cultures.
Markets overlap with the political order and with moral institutions such as the family and the church. Each actual market economy is shaped by the culture in which it exists, and, in turn, it affects the daily practices and customs of the people that comprise it. In order for a market economy to foster genuine human development, it must be imbued with a strong foundation of shared moral values. While the market requires certain virtues in order to operate, it also fosters a particular set of virtues and vices. Positively, the set of virtues can be called practical virtues.