1 / 13

Capitalism

This article delves into the core characteristics, virtues, and perspectives of capitalism, exploring aspects such as private property, individual decision-making, and the impact on wealth creation. It examines the moral virtues of capitalism, the perceived problems associated with freedom of choice, and contrasts different shades of capitalism. Additionally, it considers the Marxian perspective on capitalism, debates the fairness of capitalist exploitation, and highlights how capitalism allows moral space through property rights. The article also questions whether business people universally favor capitalism. Explore the complexities of capitalism through this insightful read.

tiffanyw
Download Presentation

Capitalism

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Capitalism By Machan and Chesher

  2. Characteristics • Private property. • Individual decision-making. • Little or no state interference. • “Invisible Hand”. • Social Cooperation • Price System. • Prices determined by both parties.

  3. Important Virtues • Prudence and industriousness. • Freedom. • Rights. • Wealth Creation.

  4. 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.

  5. Three Shades of Capitalism • Anarcho-Capitalism (no government) • Minarchism (limited government) • Difference may be illusive. • Democratic Capitalism/Socialism • Market socialism • “Third Way”

  6. 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?

  7. 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.

  8. 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?

  9. 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

  10. 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

  11. 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.

  12. Do Business People Favor Capitalism? • Some parts. • Why not all parts?

  13. Good afternoon, good evening, and goodnight.

More Related