Posts tagged with: moral foundation of markets

As part of its First Principles series in Political Thought, the Heritage Foundation has published The Moral Basis for Economic Liberty by the Rev. Robert A. Sirico, president and co-founder of the Acton Institute. You can read the paper online or download as a PDF.

Abstract:

Today, those who defend free markets and capitalism often do so solely on managerial or technical grounds, but economic liberty needs a moral defense as well. Defense of economic liberty without reference to morality will ultimately prove injurious to liberty itself. Rightly understood, capitalism is simply the name for the economic component of the natural order of liberty. It means expansive ownership of property, fair and equal rules for all, economic security through prosperity, strict adherence to the boundaries of ownership, opportunity for charity, wise resource use, creativity, growth, development, prosperity, abundance. Most of all, it means the economic application of the principle that every human person has dignity and should have that dignity respected.

And a key insight:

So long as economic liberty—and its requisite institutions of private property, free exchange, capital accumulation, and contract enforcement—is not backed by a generally held set of norms by which it can be defended, it cannot be sustained over the long term. Into the moral vacuum left by capitalism’s defenders rush notions hostile to economic liberty, notions drawn largely from the values and vocabularies of interventionism and socialism.

Further, if a principled defense of markets based on the sanctity of private property and the virtue of voluntarism is absent from public life, it is very likely that the moral center of the buying public has begun to slip as well. In any market, the kinds of goods and services producers provide reflect the values of the consuming public. What consumers are willing to purchase will determine what kinds of goods and services are most prominent in the market.

Heads up to those in the Southern California area:

Distinguished scholar, author, and former Ambassador Michael Novak will give an April 15 lecture at Fuller Theological Seminary on “The Moral Foundation of Markets.”

Novak will argue for the need to re-establish an informed and well-reasoned understanding of both the value of markets for human well-being and the moral foundation necessary for their continued survival.

Among other achievements, Novak is the 1994 winner of the Templeton Prize for Progress in Religion, an honor that Fr. Robert Sirico called “well-deserved” in this Acton Religion and Liberty article.

If you are not able to catch Novak’s Fuller lecture, he will speak two additional times on Friday, April 16. In the morning at Biola University’s chapel, and in the evening at La Cañada Presbyterian Church, Novak will revisit his seminal book, “Business as a Calling: Work and the Examined Life,” from the perspective of our current economic difficulties.

Lecture locations and additional background information are here. Novak’s appearances are sponsored by the Sierra Madre, Calif.-based Center for Faith and Enterprise.