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Fall 2004

ISSN 0890-913X

Volume 20, Number 1

Categories: Fall 2004 | Business Ethics

The Ethical Foundations of Free Market Societies

Nicholas Capaldi, Loyola University, New Orleans

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TheEthicalFoundationsofFreeMarketSocietiesNicholasCapaldiLoyolaUniversity,NewOrleansLetmebeginbyputtingyourmindsatease.I=msurethatmanyofyouaresuspicious,andrightlyso,ofanyonewhoseekstoraiseethicalissueswithregardtocommerceinfreemarketsocieties.Mostwriterswhodosohavesomeexternalpoliticalagendadesignedtodistortortothwartmarketprocesses;mostofthemnaivelythinkthatallsocialandpoliticalproblemsaretheresultsofamysteriousarcaneeventcalled>marketfailure=andthatsuchproblemscanberedressedonlythroughtheredistributionofwealthoranothergovernmentbureaucracy;manyofthesewritersareadvocatesofanidealizedclassicalormedievalworldviewacquiredthroughaliberalartseducationthatsomehowmanagedtoexcludecoursesonscience,technology,economics,andlaw;1someareopenlyhostiletoandcontemptuousofcommercebecauseofsomeallegedconflictwithanothercherishedculturalpractice.Iamnotoneofthosewriters.Onthecontrary,Iholdthatthefree-marketeconomyisthegreatestforceinthemodernworld;ithastransformedtheethicallandscapebyimprovingthematerialconditionsoflifeandbyinstitutionalizingindividualfreedom.Onewouldthink,therefore,thatsuchaphenomenondeservesspecialpraiseandattention.Butthefreemarketeconomyisnotunderstoodevenbymanyofthosewhoaresurroundedbyit.Oneexplanationis,ironically,thatithasbeendefinedlargelybyitscritics;somuchsothateventhedefenders1Many,butnotall,ofthefollowersofLeoStraussembraceahistoricalnarrativethatemphasizethevirtuesoftheancientsandtheprogressivedeteriorationofmodernity;seeLeoStrauss,ATheThreeWavesofModernity,@inHilailGildin(ed.),AnIntroductiontoPoliticalPhilosophy,TenEssaysbyLeoStrauss(Detroit:WayneStateUniversity,1989);manyconservativeCatholicswantto>return=toanidealizedconceptiontheyhaveoftheMiddleAges;manyagrarianswantto>return=tosomeidealizednotionofthepre-industrialworld.

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Title	The Ethical Foundations of Free Market Societies
Authors/Creators:	Nicholas Capaldi, Loyola University, New Orleans
Year:	2004
Volume:	20
Number:	1
Pages:	30 - 54
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Ethics, Market economy, Freedom, Cultural factors, Social norms, Value systems, Government policy, Private ownership, Rule of law, Commerce, Technology, Individualism, Cultural heritage

Citation:
Capaldi, Nicholas / 2004. "The Ethical Foundations of Free Market Societies." The Journal of Private Enterprise, 20(1): 30-54.