Strengths and Weaknesses of Moral Justification of Capitalism

1
Strengths and Weaknesses of Moral Justification
of Capitalism

• Jan Narveson
• Vilnius 2003

2
Capitalism and Morality

• 1. Capitalism - 3 ideas
• (1) - Free Enterprise - Respect for Property
  (People are not to be interfered with in their
  use of property)
• (2) - Monetary profit-seekers own all capital
• (3) - The state intervenes to make capitalism
  work (for the benefit of capitalists)
• (1) is the one Im talking about

3
2. Morality - 2 departments

• (a) way of life personal theory of whats good
  in life
• (b) rules for all
• -gt (b) is what were talking about here
• Distinguish
• (b1) actual rules of the group
• (b2) rationality best rules for the group
• indicates the preferred option

4
2a. An important part of morals rules that
justify using force (the enforceable part of
morals) (these are the area of Justice)the
question is which rules should we enforce?
5
Capitalism answers rules against theft, violence
and fraud

• That is, enforce the right to oneself
• -- ones body
• -- ones activities
• -- ones property
• These imply the rightness of capitalism.
• (If we may do as we like with what is ours, that
  includes using it for productive purposes and
  putting the result on the market)

6
Some Virtues

• Industry
• Patience
• Persistence
• Organization
• and others
• But these are only virtues they are not
  compulsory
• (You will do less well if you dont have them,
  but thats your concern!)

7
Enemies

• - those who would compel all to play a particular
  role in the economy
• - those who claim a right to the work of others

8
Democracy

• - is a majority rule
• - but why should the majority be allowed to tell
  us what to do?
• - e. g., how our money is to be spent?

9
Bigness

• Large corporations, etc., are merely large,
  highly organized sets of people pursuing specific
  profit-making projects
• - Their basic rights are the same as those of
  small businesses, of of individual people
• - Especially, no power to compel

10
Taste

• Business sells to ordinary people
• - they dont have your good taste!
• - so what?
• Society is for people, and is to benefit them as
  they are
• - not as we might think they should be
• - the customer is the monarch!

11
Capitalism is a cooperative charter for
people in general

• Its morality is just general morality
• respect for people