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14 Karl Marx and Friedrich Engels, Manifesto of the Communist Party, p. 488.15 Karl Marx, “The Eighteenth Brumaire of Louis Bonaparte,” p. 222.16 Karl Marx, “The Eighteenth Brumaire of Louis Bonaparte,” p. 238.17 Shirley M. Gruner, Economic Materialism and Social Moralism (The Hague:Mouton, 1973), pp. 189–190.18 See, for example, Sheldon Richman, “Is Capitalism Something Good?” www.thefreemanonline.org/columns/tgif/is-capitalism-something-good/.19 Joseph Schumpeter, Capitalism, Socialism, and Democracy (London:Routledge, 2006), p. 84.20 David Boaz, “Creating a Framework for Utopia,” The Futurist, December 24,1996, www.cato.org/pub_display.php?pub_id=5976.21 The legal historian Henry Sumner Maine famously described “the movementof the progressive societies” from inherited relations, based on family membershipto personal liberty and civil society as “a movement from Status toContract.” Henry Sumner Maine, Ancient Law (Brunswick, NJ: TransactionPublishers, 2003), p. 170.22 Leo Melamed, “Reminiscences of a Refugee,” in For Crying Out Loud: FromOpen Outcry to the Electronic Screen (Hoboken, NJ: John Wiley & Sons,2009), p. 136.23 I address the issue of poverty and free-market capitalism more systematicallyin “Classical Liberalism, Poverty, and Morality,” in Poverty andMorality: Religious and Secular Perspectives, William A. Galston and Peter H.Hoffenberg, eds. (New York: Cambridge University Press, 2010), pp. 83-114.24 This is an especially common attitude among philosophers, perhaps the saddestof whom was the late G. A. Cohen, who devoted much of his intellectualcareer to attempting, but failing, to refute Nozick’s one thought experiment.Citations to Cohen’s articles and a demonstration of the failure of his critiquecan be found in “G. A. Cohen on Self-Ownership, Property, and Equality,” inRealizing Freedom, pp. 139-54.25 Quoted in Michael Sandel, Justice: What’s the Right Thing to Do? (New York:Farrar, Straus, and Giroux, 2009), p. 61.26 Milton Friedman, Capitalism and Freedom (Chicago: University of ChicagoPress, 1962), p. 188: “A possible justification on liberal principles for compulsorypurchase of annuities is that the improvident will not suffer theconsequences of their own action but will impose costs on others. We shallnot, it is said, be willing to see the indigent aged suffer in dire poverty. Weshall assist them by private and public charity. Hence the man who does notprovide for his old age will become a public charge. Compelling him to buyan annuity is justified not for his own good but for the good of the rest of us.”27 Milton Friedman, Capitalism and Freedom (Chicago: University of ChicagoPress, 1962), p. 188.28 For an explanation, see Anthony de Jasay, “Liberalism, Loose or Strict,”Independent Review, v. IX, n. 3, Winter 2005, pp. 427-432.29 F. A. Hayek, The Constitution of Liberty (Chicago: University of ChicagoPress, 1960), p. 313.The Paradox of Morality30 Luckily the beggar was an outsider, for if he were from the Land ofGentlemen, the dispute would have continued indefinitely.31 Lei Feng (December 18, 1940–August 15, 1962) was a soldier in the People’sLiberation Army who became a national hero after his death in 1962 in atraffic accident. A national campaign to “Learn from Comrade Lei Feng”began in 1963; it called on the Chinese people to emulate his devotion to theChinese Communist Party and to socialism.127
Adam Smith and the Myth of Greed32 “The Secret History of Self-Interest,” in Stephen Holmes, Passions andConstraints: On the Theory of Liberal Democracy (Chicago: University ofChicago Press, 1995).33 Quoted in Christine Caldwell Ames, Righteous Persecution: Inquisition,Dominicans, and Christianity in the Middle Ages (Philadelphia: University ofPennsylvania Press, 2008), p. 44.34 Adam Smith, The Theory of Moral Sentiments, ed. D.D. Raphael and A.L.Macfie, vol. I of the Glasgow Edition of the Works and Correspondence ofAdam Smith (Indianapolis: Liberty Fund, 1982). Chapter: a chap ii: Of thelove of Praise, and of that of Praise–worthiness; and of the dread of Blame,and of that of Blame–worthiness; Accessed from http://oll.libertyfund.org/title/192/200125 on 2011-05-30.35 Adam Smith, The Theory of Moral Sentiments, ed. D.D. Raphael and A.L.Macfie, vol. I of the Glasgow Edition of the Works and Correspondence ofAdam Smith (Indianapolis: Liberty Fund, 1982). Chapter: b chap. i b: Of thebeauty which the appearance of Utility bestows upon all the productions of art,and of the extensive influence of this species of Beauty; Accessed from http://oll.libertyfund.org/title/192/200137 on 2011-05-30.36 Adam Smith, An Inquiry Into the Nature and Causes of the Wealth of Nations,Vol. 1 ed. R.H. Campbell and A.S. Skinner, vol. II of the Glasgow Editionof the Works and Correspondence of Adam Smith (Indianapolis: LibertyFund: 1981). Chapter: [IV.ii] CHAPTER II: Of Restraints upon theImportation from Foreign Countries of such Goods as can be Produced atHome. Accessed from http://oll.libertyfund.org/title/220/217458/2313890on 2010-08-23.37 Smith, An Inquiry Into the Nature and Causes of the Wealth of Nations, Vol.1 ed. R.H. Campbell and A.S. Skinner, vol. II of the Glasgow Edition of theWorks and Correspondence of Adam Smith (Indianapolis: Liberty Fund:1981). Chapter: [IV.viii] CHAPTER VIII: Conclusion of the MercantileSystem. Accessed from http://oll.libertyfund.org/title/200/217484/2316261on 2010-08-23.38 “The specific characteristic of an economic relation is not its “egoism,” but its“non-tuism.” Philip H. Wicksteed, The Commonsense of Political Economy,including a Study of the Human Basis of Economic Law (London: Macmillan,1910). Chapter: CHAPTER V: BUSINESS AND THE ECONOMICNEXUS. Accessed from http://oll.libertyfund.org/title/1415/38938/104356on 2010-08-23.39 H.B. Acton, The Morals of Markets and Related Essays, ed. by David Gordonand Jeremy Shearmur (Indianapolis: Liberty Fund, 1993).40 Voltaire, Letters Concerning the English Nation, ed. Nicholas Cronk (Oxford:Oxford University Press, 1999), p. 43.The Market Economy and the Distribution of Wealth41 The argument presented in what follows owes a good deal to ideas first setforth by Professor Mises in “Das festangelegte Kapital,” in Grundprobleme derNationalökonomie, pp. 201-14. [English trans. in Epistemological Problems ofEconomics (New York: D. Van Nostrand, 1960), pp. 217-31].Human Betterment Through Globalization42 The Foundation for Economic Education. www.fee.org.128
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The Morality of CapitalismWhat Your
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ContentsIntroduction: The Morality
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Introduction: The Morality of Capit
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China, Morocco, the United States,
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in a friendly sense.” 9 The word
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Marx saw the “bourgeoisie” as i
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usinesses rising and falling more r
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and one an economist, and an interv
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Section IThe Virtues ofEntrepreneur
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is why I was mentioning the sophomo
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our society are motivated by purpos
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promote microfinance in poor countr
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ownership of wealth, was highly str
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in the world for a couple of hundre
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without a strong business sector th
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lightning rod and Watt’s steam en
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Competition and CooperationBy David
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advocates of “back to nature”
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that the associations within civil
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For-Profit Medicine and the Compass
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Profit and CompassionThat’s too s
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The Paradox of MoralityBy Mao Yushi
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after assessing the situation, sett
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efrigerators and color TVs, are onl
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epair trade are crowded out by the
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person, followed the principle of e
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if in return for A taking the bigge
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The Moral Logic of Equality and Ine
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equality in exchange is economicall
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eliminate or to establish inequalit
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earned by the poorest 10% of the po
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Adam Smith and the Myth of GreedBy
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them to lobby the state to create c
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strangers, but when we haggle for t
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Ayn Rand and Capitalism: The Moral
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the welfare state, which redistribu
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Welfarism: The Unchosen ObligationT
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Egalitarianism: “Fair” Distribu
Page 82 and 83: A worker is hired because of the an
Page 84 and 85: To live by reason we must accept in
Page 86 and 87: Economic outcomes in the market—t
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Page 92 and 93: The Market Economy and the Distribu
Page 94 and 95: no unfavorable, economic results. O
Page 96 and 97: owner, actual or potential, reflect
Page 98 and 99: losses prompted by the chance of, o
Page 100 and 101: We are not saying, of course, that
Page 102 and 103: well-being reflects a potentially c
Page 104: discrepancies. The difference was c
Page 108 and 109: Global Capitalism and JusticeBy Jun
Page 110 and 111: preferences, and infrastructure. It
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Page 114 and 115: any particular sophistication. Afte
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Page 118 and 119: etterment through exchange and the
Page 120 and 121: of diverse cultures. In this manner
Page 122 and 123: primitive magical-religious communi
Page 124 and 125: to censure, repression, and margina
Page 126 and 127: That is why the best defense of our
Page 128 and 129: A Little Further Reading for Fun an
Page 130 and 131: Dr. Tom G. Palmer is executive vice
Page 134 and 135: Index of Proper Names(Chinese names
Page 139 and 140: The Pierre F. and Enid Goodrich Fou
Page 141 and 142: Students For LibertyA Free Academy,
Page 143 and 144: Additional Resources for LibertyThe
Page 145: “We need to change the narrative
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