In this new Acton Lecture Series audio, Acton’s Michael Miller discusses why many blame capitalism as the primary source of cultural disintegration. Miller, director of programs and Acton Media, asks: Does capitalism destroy culture or are other forces at work?
Listen to the lecture online here:
From Miller’s Jan. 21 Acton Commentary, “The End of Capitalism?”
At least on equal par with a juridical framework as a factor in sustaining market systems is a specific moral culture. This includes trust, diligence, collaboration, honesty, perseverance, and prudence. If this crisis has taught us anything, it is the importance of morality for a market economy. The list of the seven deadly sins comprises an outline of the crisis’s causes. How many of us out of greed, gluttony, or pride used credit cards to buy things we did not need or could not afford, just so we could have the latest gadget or keep up with the Joneses? What about Wall Street bankers who couldn’t resist the chance to make ever more and took imprudent risks with clients’ money, or out of pride bought financial instruments they hardly understood. Markets cannot succeed without a strong moral fabric among the citizenry.