capitalism
Post on 31-Dec-2015
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Capitalism
By
Machan and Chesher
Characteristics
• Private property.• Individual decision-making.• Little or no state interference.• “Invisible Hand”.• Social Cooperation• Price System.
– Prices determined by both parties.
Important Virtues
• Prudence and industriousness.
• Freedom.
• Rights.
• Wealth Creation.
Two Kinds of Freedom (& Rights)
• Negative (The right to not be violated)– Self-ownership theorem.– Non-aggression theorem.
• Positive (The right to certain goods, etc.)– Come at expense of negative rights.
• Capitalism recognizes only negative rights.– Because positive rights are contradictory.
Three Shades of Capitalism
• Anarcho-Capitalism (no government)
• Minarchism (limited government)– Difference may be illusive.
• Democratic Capitalism/Socialism– Market socialism– “Third Way”
Capitalism facilitates wealth creation.
• Promotes industry, ingenuity, responsibility, hard work, etc.
• Is this a moral virtue of capitalism?
• Is that the MAIN moral virtue of capitalism?
Capitalism’s Main Moral Virtue
• It recognizes that virtuous actions must be chosen by individuals.
• It allows the freedom that is necessary to choose virtuous actions.
Capitalism’s Main Perceived Problem
• It allows people the freedom to choose immoral actions.
– What kinds of immoral actions does it allow?
– Are these actions truly immoral?
Marxian Perspective on Capitalism
• Alienation of labor & Exploitation of workers.
• Marx saw these as leading to the eventual demise of capitalism.
• This Marxist “exploitation of workers” theory is refuted in this fine article by George Reisman:
http://www.mises.org/story/1729
Is Capitalist “Exploitation” Unfair?
• Is it coercive?• Does it use force or aggression?• Does it depend on how exploitation is defined?
– In terms of altruism or egoism?– According to rights theory?– Is exploitation possible under negative
rights?
• Example of Hurricane Pricing
Capitalism Gives Moral Space
• Using others’ property without permission is not allowed.
• Using one’s own property selfishly leads to a decrease in value.– This decrease in value will then
lead to changes in behavior.
Do Business People Favor Capitalism?
• Some parts.
• Why not all parts?
Good afternoon, good evening, and goodnight.
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