The-Morality-of-Capitalism-PDF

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ContentsIntroduction: The Morality of Capitalism . . . . . . . . . . . . . . 1By Tom G. PalmerThe History of a Word . . . . . . . . . . . . . . . . . . . . . 4Free-Market Capitalism vs. Crony Capitalism . . . . . . . 9Section I: The Virtues of Entrepreneurial CapitalismInterview with an Entrepreneur . . . . . . . . . . . . . . . . . . . . 15Featuring John Mackey (Conducted by Tom G. Palmer)Liberty and Dignity Explain the Modern World . . . . . . . . . 27By Deirdre N. McCloskeyCompetition and Cooperation . . . . . . . . . . . . . . . . . . . . 31By David BoazFor-Profit Medicine and the Compassion Motive . . . . . . . . 37By Tom G. PalmerSection II: Voluntary Interaction and Self-InterestThe Paradox of Morality . . . . . . . . . . . . . . . . . . . . . . . . 43By Mao Yushi (Translated by Jude Blanchette)The Moral Logic of Equality and Inequality inMarket Society . . . . . . . . . . . . . . . . . . . . . . . . . . . 55By Leonid V. NikonovAdam Smith and the Myth of Greed. . . . . . . . . . . . . . . . . 63By Tom G. PalmerAyn Rand and Capitalism: The Moral Revolution . . . . . . . . 69By David Kelley
Section III: The Production and Distribution of WealthThe Market Economy and the Distribution of Wealth . . . . . 87By Ludwig LachmannPolitical and Economic Freedoms Together SpawnHumanity’s Miracles . . . . . . . . . . . . . . . . . . . . . . . . 96By Temba A. NolutshunguSection IV: Globalizing CapitalismGlobal Capitalism and Justice . . . . . . . . . . . . . . . . . . . . 103By June ArungaHuman Betterment through Globalization . . . . . . . . . . . 107By Vernon SmithThe Culture of Liberty . . . . . . . . . . . . . . . . . . . . . . . . 114By Mario Vargas LlosaA Little Further Reading for Fun and Profit (and BetterSchool Papers) . . . . . . . . . . . . . . . . . . . . . . . . . . . 123Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126Index of Proper Names . . . . . . . . . . . . . . . . . . . . . . . . 129
Page 2 and 3: The Morality of CapitalismWhat Your
Page 6 and 7: Introduction: The Morality of Capit
Page 8 and 9: China, Morocco, the United States,
Page 10 and 11: in a friendly sense.” 9 The word
Page 12 and 13: Marx saw the “bourgeoisie” as i
Page 14 and 15: usinesses rising and falling more r
Page 16 and 17: and one an economist, and an interv
Page 18: Section IThe Virtues ofEntrepreneur
Page 21 and 22: is why I was mentioning the sophomo
Page 23 and 24: our society are motivated by purpos
Page 25 and 26: promote microfinance in poor countr
Page 27 and 28: ownership of wealth, was highly str
Page 29 and 30: in the world for a couple of hundre
Page 31 and 32: without a strong business sector th
Page 34 and 35: lightning rod and Watt’s steam en
Page 36 and 37: Competition and CooperationBy David
Page 38 and 39: advocates of “back to nature”
Page 40 and 41: that the associations within civil
Page 42 and 43: For-Profit Medicine and the Compass
Page 44: Profit and CompassionThat’s too s
Page 48 and 49: The Paradox of MoralityBy Mao Yushi
Page 50 and 51: after assessing the situation, sett
Page 52 and 53: efrigerators and color TVs, are onl
Page 54 and 55:
epair trade are crowded out by the
Page 56 and 57:
person, followed the principle of e
Page 58 and 59:
if in return for A taking the bigge
Page 60 and 61:
The Moral Logic of Equality and Ine
Page 62 and 63:
equality in exchange is economicall
Page 64 and 65:
eliminate or to establish inequalit
Page 66 and 67:
earned by the poorest 10% of the po
Page 68 and 69:
Adam Smith and the Myth of GreedBy
Page 70 and 71:
them to lobby the state to create c
Page 72 and 73:
strangers, but when we haggle for t
Page 74 and 75:
Ayn Rand and Capitalism: The Moral
Page 76 and 77:
the welfare state, which redistribu
Page 78 and 79:
Welfarism: The Unchosen ObligationT
Page 80 and 81:
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
Page 88:
is a social asset is incompatible w
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
Page 112 and 113:
Human Betterment through Globalizat
Page 114 and 115:
any particular sophistication. Afte
Page 116 and 117:
These young people are returning be
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 132 and 133:
14 Karl Marx and Friedrich Engels,
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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