In another round of conservative debate on the virtues — or vices — of the market economy, Acton Research Director Samuel Gregg published a new piece at Public Discourse in which he takes on the critiques of writer Matthew McManus. MacManus’ criticisms were written in reply to an earlier piece in which Gregg addresses the growing criticisms of a free economy by editors and writers at First Things magazine.
In Gregg’s article, Capitalism, Conservatives, and the Intellectuals: A Reply to Matthew McManus, he counters some objections raised about the social effects of the market economy.
“There are many manifestations of capitalism, and their specific forms are more influenced by different ideas and cultural dispositions than we sometimes realize,” says Gregg. The current system is closer to “a blend of cronyism, neo-mercantilism, and markets.”
As for the role of government in the economy, Gregg grants that seminal thinkers such as Adam Smith certainly believed government has a role to play but also showed that Smith did not let that stop him from promoting a freer market economy. As to the influence of intellectuals in economics, it is easy to see the “decisive role that is often played by ideas and intellectuals” when one looks closely at history. After all, “ideas and intellectuals’ commitment to ideas are also indispensable if we want to live in generally free economies,” says Gregg.
You can read Gregg’s whole piece here.