By Tom G. Palmer
The second one within the "What Your Professors will not inform you" sequence of essays on political economic climate, this assortment comprises 13 essays. Authors comprise Nobel Prize winners Mario Vargas Llosa and Vernon Smith, entire meals industry CEO and founder John Mackey, and students from around the globe.
This publication sequence is a undertaking of the campus association scholars for Liberty and is meant to "offer the opposite part of the controversy, the part that's hardly said to exist" in university classes on economics and political technology. scholars are inspired to "read the easiest criticisms of loose marketplace capitalism ... Marx, Sombart, Rawls, Sandel" after which "wrestle with the arguments provided during this ebook, take into consideration them, and make up your personal mind."
The first e-book during this sequence The Economics of Freedom: chosen Works of Frederic Bastiat, encompasses a foreword via Nobel Prize economist F.A. Hayek.
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Extra info for The Morality of Capitalism: What Your Professors Won't Tell You
Sample text
Markets don’t necessarily generate equal outcomes, nor do they require equal endowments. That’s not just a regrettable cost of having a market, though. Inequality is not merely a normal outcome of market exchange. It’s a precondition of exchange, without which exchange would lack sense. To expect market exchanges, and thus societies in which wealth is allocated through the market, to result in equality is absurd. Equal basic rights, including equal freedom to exchange, are necessary for free markets, but 55 free markets should not be expected to generate equal outcomes, nor do they rely on equality of conditions other than legal rights.
Not that I’m always thrilled with that, mind you. Capitalism is a source of value. It’s the most amazing vehicle for social cooperation that has ever existed. And that’s the story we need to tell. We need to change the narrative. From an ethical standpoint, we need to change the narrative of capitalism, to show that it’s about creating shared value, not for the few, but for everyone. If people could see that the way I see it, people would love capitalism in the way I love it. Palmer: Thank you for your time.
That’s three-fourths of a cappuccino at Starbucks. It was and is appalling. Then something changed, in Holland and then in England. The revolutions and reformations of Europe, 1517 to 1789, gave voice to ordinary people outside the bishops and aristocrats. Europeans and then others came to admire entrepreneurs like Ben Franklin and Andrew Carnegie and Bill Gates. The middle class started to be viewed as good, and started to be allowed to do good, and to do well. ” And that’s what happened. Starting in the 1700s with Franklin’s 28 lightning rod and Watt’s steam engine, and going nuts in the 1800s, and nuttier still in the 2000s, the West, which for centuries had lagged behind China and Islam, became astoundingly innovative.