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Summer 2015

ISSN 0890-913X

Volume 30, Number 2

Categories: Summer 2015 | Economics

Beyond Utility: Providing a Moral Foundation for Capitalism

Jared Meyer, Manhattan Institute for Policy Research

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TheJournalofPrivateEnterprise30(2),2015,21–41BeyondUtility:ProvidingaMoralFoundationforCapitalismJaredMeyer∗ManhattanInstituteforPolicyResearch______________________________________________________AbstractEmpiricalstudieshavelegitimizedmanyargumentsinsupportofeconomicliberty.Ifthosewhofavorfreemarketsare“winning”thestatisticalargument,whyhavetheyfailedtomoveotherpeopleandpublicpolicytowardtheirvisionofeconomicfreedom?Theproblemiscausedbyafailuretopromotecapitalism’smoralfoundation.Capitalismisnotanecessaryevil;itisamoralnecessity,anditshouldbetreatedassuch.Threegroupspivotaltoliberalism’sfuturesuccess—economists,philosophers,andpublicintellectuals—needachangeinapproachandanopeningofdiscussion.______________________________________________________JELCodes:A11,B25,Z18Keywords:ethics,capitalism,objectivism,philosophy,rights“Capitalismisperishingforalackofamoralbaseandofafullphilosophicaldefense...Noman,andnomovement,cansucceedwithoutmoralcertainty—withoutafull,rationalconvictionofthemoralrightnessofone’scause.”—AynRand(1967a,p.218)I.IntroductionEmpiricalstudieshavelegitimizedmanyargumentsinsupportofeconomicliberty.Ifthosewhofavorfreemarketsare“winning”thestatisticalargument,1whyhavetheyfailedtomoveotherpeopleand∗IwouldliketothankAndrewBaxter,MichaelLopato,MonicaLucas,NatalieNakamura,JasonRussell,CatherineSims,EmilySoares,KyleTaylor,GarrettVernon,andKyleWalkerfortheirinvaluablecommentsandsuggestions.1Throughoutthisarticle,theterms“capitalism,”“freemarkets,”and“liberalism”areusedinterchangeably.Theyallrefertoasocialsystemthatrespectsindividuals’negativerights.Thesetermsdonotdenoteasystemthatispro-business(suchascronyismormercantilism).Theyratherstandforthereal-worldmanifestationofthebeliefthatpeoplearesovereign,freeindividualswhoownanddirecttheirlives.Mutualconsentandtheabsenceoftheinitiationofphysicalcoercionarepillarsof21

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Title	Beyond Utility: Providing a Moral Foundation for Capitalism
Authors/Creators:	Jared Meyer, Manhattan Institute for Policy Research
Year:	2015
Volume:	30
Number:	2
Pages:	21 - 41
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	ethics, capitalism, objectivism, philosophy, rights

Citation:
Meyer, Jared / 2015. "Beyond Utility: Providing a Moral Foundation for Capitalism." The Journal of Private Enterprise, 30(2): 21-41.