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Winter 2017

ISSN 0890-913X

Volume 32, Number 4

Categories: Winter 2017 | Capitalism

Bourgeois Virtues Foster Capitalism; Does Capitalism Foster Bourgeois Virtues?

Randall G. Holcombe, Florida State University

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TheJournalofPrivateEnterprise32(4),2017,95–107BourgeoisVirtuesFosterCapitalism;DoesCapitalismFosterBourgeoisVirtues?RandallG.Holcombe*FloridaStateUniversity______________________________________________________AbstractBourgeoisvirtuesfostereconomicgrowthandprosperity.Economicgrowthleadstogovernmentgrowth,partlybecauseincreasinglycomplexpropertyrightsdemandalargergovernmenttodefineandenforcethem,partlyinresponsetoeliteswhowanttocontrolgovernmentfortheirbenefit,andpartlyinresponsetothedemandsofthemassestoreininconcentratedeconomicpower.Governmentunderminesthebourgeoisvaluesthatmaintainamarketeconomy,sothevaluesthatproduceeconomicgrowthalsoproduceinstitutionalchangesthatunderminethosevalues.______________________________________________________JELCodes:H11,I31,P17Keywords:DeirdreMcCloskey,bourgeoisvirtues,economicgrowth,governmentgrowthI.IntroductionAsuccinctsummaryofMcCloskey’simpressivetrilogy,containedinthesubtitleofthethirdvolume(2016),isthat“ideas,notcapitalorinstitutions,enrichedtheworld.”Thefirstvolume(2006)explainswhattheseideasare,thesecondvolume(2010)showstheshortcomingsofotherexplanationsfortheremarkableandunprecedentedeconomicprosperitytheworldhasenjoyedsincethebeginningoftheIndustrialRevolution,andthethirdvolumeexplainshowthoseideashavegeneratedprosperity.McCloskey’sanalysisisthoroughandconvincing.Isuspectthatyou,thereader,havelittleinterestinhearingwhyIagreewithMcCloskey,whohasstatedhercasemoreeloquentlythanIcan,soIwillfocusonarelatedissue.Weagreethatbourgeoisvirtuesfostercapitalism,theeconomicsystemthathasgeneratedcontinuallyincreasingprosperity.Alineofreasoning,containedinMcCloskey’sbooksbutnotreallydeveloped,suggeststhatcapitalismencouragesgovernmentgrowth,whichunderminesthebourgeoisvirtuesthathavebeenresponsibleforcapitalism’ssuccess.

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Title	Bourgeois Virtues Foster Capitalism; Does Capitalism Foster Bourgeois Virtues?
Authors/Creators:	Randall G. Holcombe, Florida State University
Year:	2017
Volume:	32
Number:	4
Pages:	95 - 107
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Deirdre McCloskey, bourgeois virtues, economic growth, government growth

Citation:
Holcombe, Randall G. / 2017. "Bourgeois Virtues Foster Capitalism; Does Capitalism Foster Bourgeois Virtues?." The Journal of Private Enterprise, 32(4): 95-107.