Capitalism, Morality & Markets (Readings, 54) by Brian Griffiths, Visit Amazon's Robert A. Sirico Page,

By Brian Griffiths, Visit Amazon's Robert A. Sirico Page, search results, Learn about Author Central, Robert A. Sirico, , Norman Barry, Frank Field

In 2000, the Institute begun a chain of lectures, endowed through Michael Novak and the loo Templeton beginning, entitled the Templeton discussion board on Markets and Morality. The 4 papers given within the first sequence, and revised by way of the authors, are integrated during this quantity. Brian Griffiths considers the enterprise company as an ethical neighborhood, concluding that 'an self reliant ethical general is not just whatever that is stable in itself yet is usually within the pursuits of shareholders and employees'. Robert A. Sirico argues that the accomplishments of commercial at once aid to increase social prosperity, health and wellbeing and human welfare. Norman Barry contends that the industry process is 'morally self-sufficient...and develops its personal codes of conduct'. moral behavior calls for businesses just to stick with ideas and conventions which make for long-run luck. Frank box discusses the supply of a minimal source of revenue in retirement which, in his view, can't be completed by means of markets by myself.

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The important moral consideration here is individualism (often called greed or egoism). Apparently, other economies leaven the unadulterated self-interest of the Anglo-American economies with types of altruism. Otherwise, it is said, we have an antisocial bias and personal want-satisfaction is elevated above the common good. 61 capi tali sm , mo ra l i ty and markets This is not just a moral argument that prefers the intrinsic value of community over the individual, it is also a prudential warning that the behavioural patterns of classical microeconomics will so drain the person of any loyalty to essential social structures that individualism itself becomes unviable.

But let us remember that when we talk about consumerism and materialism, we are speaking to problems of culture, not of economics. Indeed, while the market provides many temptations that we must resist, it also offers the means for overcoming them. It provides us concrete means to orient ourselves to an existence which looks beyond the here and now concerns. For example, the information revolution has brought us more opportunities for strengthening our faith: online. And it might be useful to remember that the act of reading the Bible is brought to us through entrepreneurship: once there was only a rather costly hand-copied version in the church and reading used to be something most people could not 52 t h e c u lt u r e o f v i rt u e , t h e c u lt u r e o f t h e m a r k e t do beyond age 40 or 50, if they lived that long.

This message is one that needs to be brought to public debate. Radical libertarians who deny this are doing no service to the cause of economic liberty. At the same time, we must help our allies in promoting a culture of virtue to understand that we are not for a go-go capitalism, which places the human person at the mercy of blind economic forces and which is not rooted in the fundamental ethic 55 capi tali sm , mo ra l i ty and markets of life, person and property. What we propose is a free economy that puts the human person at the very centre of economic actions, simply because the human person is the source of all economic initiative.

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