The-Morality-of-Capitalism-PDF

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strangers, but when we haggle for the lowest or highest price, werarely do so out of a concern for the well being of the party withwhom we’re bargaining. If we do, we are making an exchange anda gift, which somewhat complicates the nature of the exchange.Those who deliberately pay more than they need to are rarelygood businesspeople and, as H.B. Acton noted in his book TheMorals of the Markets, 39 running a business at a loss is in generala very foolish, even stupid, way to be philanthropic.To those who praise involvement in politics over involvementin industry and commerce, it is worth remembering that theformer can do a great deal of harm and rarely does much good.Voltaire, writing before Smith, saw the difference clearly. In hisessay “On Trade” from his Letters Concerning the English Nation(written by Voltaire in English, in which he was quite fluent,and then rewritten by him in French and published as LettresPhilosophiques) he noted that,In France the Title of Marquis is given gratis to any one whowill accept of it; and whosoever arrives at Paris from themidst of the most remote Provinces with Money in his Purse,and a Name terminating in ac or ille, may strut about, andcry, Such a Man as I! A Man of my Rank and Figure! Andmay look down upon a Trader with sovereign Contempt;whilst the Trader on the other Side, by thus often hearing hisProfession treated so disdainfully, is Fool enough to blush atit. However, I cannot say which is most useful to a Nation; aLord, powder’d in the tip of the Mode, who knows exactly atwhat a Clock the King rises and goes to bed; and who giveshimself Airs of Grandeur and State, at the same Time that heis acting the Slave in the Anti-chamber of a prime Minister;or a Merchant, who enriches his Country, dispatches Ordersfrom his Compting-House to Surat and Grand Cairo, andcontributes to the felicity of the world. 40Merchants and capitalists need not blush when our contemporarypoliticians and intellectuals look down their noses at them,and strut about declaiming this and decrying that, all the whiledemanding that the merchants, capitalists, workers, investors,67
craftsmen, farmers, inventors, and other productive producerscreate the wealth that the politicians confiscate and the anticapitalisticintellectuals resent but greedily consume.Markets do not depend on or presuppose people being selfish,any more than politics does. Nor do market exchanges encouragemore selfish behavior or motivation. But unlike politics, freeexchange among willing participants does generate wealth andpeace, which are conditions under which generosity, friendship,and love flourish. There is something to be said for that, as AdamSmith well understood.68
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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
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 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
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primitive magical-religious communi
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to censure, repression, and margina
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That is why the best defense of our
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A Little Further Reading for Fun an
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Dr. Tom G. Palmer is executive vice
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14 Karl Marx and Friedrich Engels,
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Index of Proper Names(Chinese names
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The Pierre F. and Enid Goodrich Fou
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Students For LibertyA Free Academy,
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Additional Resources for LibertyThe
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“We need to change the narrative
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