:In this essay I defend an alternative account of why markets are legitimate. I argue that markets have a raison d’être—a potential to be valuable that, if fulfilled, would justify their existence. I characterize this potential in terms of the goods that are promoted by the legal protection of economic agency: resource discretion, contribution esteem, wealth, diffusion of power, and freedom of association. I argue that market institutions deliver these goods without requiring the participants to have shared ends, or shared deliberation about joint ends—indeed, this feature is the source of the market’s distinctive contribution to well-being. I suggest that when markets lack legitimacy, this is because they fail to fulfill their raison d’être, or fail to be recognized as doing so. Thus, the contours of legal protection must be drawn so that these goods are realized together in a recognizable way, without sacrificing one good for the sake of others. Finally, I argue that this account is appealing because it allows regulators to consider a plurality of goods, and because it makes room for the essential role of rhetoric in securing market legitimacy.

中文翻译：

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什么时候市场是非法的？

: 在这篇文章中，我为市场为何合法的另一种解释辩护。我认为市场有一个存在的理由——一种有价值的潜力，如果得到满足，就会证明它们的存在是正当的。我用经济代理的法律保护所促进的商品来描述这种潜力：资源自由裁量权、贡献尊重、财富、权力分散和结社自由。我认为，市场机构提供这些商品，而不需要参与者有共同的目标，或者对共同目标的共同商议——事实上，这个特征是市场对福祉的独特贡献的源泉。我认为，当市场缺乏合法性时，这是因为它们没有履行其存在的理由，或者没有被承认这样做。因此，必须划定法律保护的轮廓，以便这些商品以可识别的方式一起实现，而不会为了其他商品而牺牲一种商品。最后，我认为这种说法很有吸引力，因为它允许监管机构考虑多种商品，并且因为它为言论在确保市场合法性方面的重要作用留出了空间。