Posts tagged with: Social philosophy

millenials-phonesA recent national survey by the Harvard Institute of Politics finds that a majority of Millennials (18- to 29-year olds) do not support capitalism as a political theory. One-third of them, however, do support socialism.

As a rule, I try not to put too much stock in such surveys because opinion polls make us dumb. But it’s become obvious that a significant portion of younger American are truly so under-educated that they truly believe socialism is preferable to capitalism.

Perhaps the problem is merely one of language. The reality is that the most ardent “capitalists” don’t like “capitalism” either.

Capitalism is merely an economic system in which the modes and means of production are mostly or entirely privately owned. That’s a rather broad categorization that includes such systems as corporatism, crony capitalism, social democracy, state capitalism, and welfare capitalism. Even those of us who can be described as “capitalists” would reject most of the other forms of capitalism we don’t like. (Which is why we tend to dislike the  unhelpful word “capitalism.”)

What many of us (I’m tempted to say true capitalists) prefer is not an amorphous capitalism, but an economic system that is outgrowth of the natural order of liberty: a free economy. There’s no agreed upon term for the system of a free economy (which is why capitalism is often used as a substitute) but it includes free people engaging in free enterprise in free markets. A free economy is not a laissez-faire, each-to-his-own system of consumerism. It’s a system in which people are allowed to use their resources and abilities most effectively to serve others.

My naïve hope is that if more Millennials understood that capitalism is mostly used as a derogatory term free enterprise and economic liberty, they’d realize that they really do support it after all. But in case they aren’t convinced here are five reasons why you, young Millennial reader, should support capitalism:
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conscience-angel-devilA new Pew Research survey finds that the majority of American Catholics  (73 percent) say they rely “a great deal” on their own conscience when facing difficult moral problems. Conscience was turned to more often than the three other sources — Catholic Church’s teachings (21 percent), the Bible (15 percent) or the pope (11 percent) — combined.

While it never really went away, conscience is making a comeback among Christians.

Over the past few years, the term conscience has been increasingly referenced in debates occurring both in our churches (e.g., appeals to conscience on moral issues) and the public square (e.g., defending the right of conscience). This is a welcome resurgence, since formation and promotion of Christian conscience is particular important to our primary mission at Acton of articulating a “vision of society that is both free and virtuous, the end of which is human flourishing.

We hear a lot about conscience, but what exactly does it mean? The general concept of conscience can be found in almost every human culture, but it has a unique and distinctive meaning for Christians. The Greek term for conscience (suneidesis) occurs more than two dozen times in the Bible, and serves an important concept, particularly in the Pauline epistles. If we examine the way Scripture talks about conscience we uncover five general themes:
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walter_williams2On this day in 1936, Walter E. Williams was born in the city of Philadelphia. The George Mason University economist is famous for his classical liberal views, often arguing that free market capitalism is not only the most moral economic system known to mankind, but it allows for the creation of the most wealth and prosperity. He has discussed many diverse themes, including: race in the United States, politics, liberty, education, and more. A prolific writer, Williams has written ten books, dozens of essays for scholarly journals, and hundreds of newspaper articles.

In honor of turning eighty, here are ten excellent quotes from Williams:

At the beginning of each semester, I tell students that my economic theory course will deal with positive, non-normative economic theory. I also tell them that if they hear me making a normative statement without first saying, “In my opinion,” they are to raise their hands and say, “Professor Williams, we didn’t take this class to be indoctrinated with your personal opinions passed off as economic theory; that’s academic dishonesty.” I also tell them that as soon as they hear me say, “In my opinion,” they can stop taking notes because my opinion is irrelevant to the subject of the class — economic theory. Another part of this particular lecture to my students is that by no means do I suggest that they purge their vocabulary of normative or subjective statements. Such statements are useful tools for tricking people into doing what you want them to do. You tell your father that you need a cell phone and he should buy you one. There’s no evidence whatsoever that you need a cell phone. After all, George Washington managed to lead our nation to defeat Great Britain, the mightiest nation on Earth at the time, without owning a cell phone.

Democracy and liberty are not the same. Democracy is little more than mob rule, while liberty refers to the sovereignty of the individual.

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Blog author: jcarter
Thursday, March 31, 2016
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An Ethicist Reads The Art of the Deal
John Paul Rollert , The Atlantic

Donald Trump succumbs to the age-old temptation to see capitalism not as an economic system but a morality play.

Welfare System Is ‘Anti-Work,’ Researchers Say
Mariana Barillas, The Daily Signal

The war on poverty is a war on work, the authors of a new book that criticizes the nation’s welfare system assert.

Again, What Is Economic Freedom?
Jeffrey Tucker, FEE

Quite often when I am interviewed, I get the question: What precisely do you mean by “capitalism”? It’s an excellent question. The great debate among capitalism, fascism, and socialism suffers from a lack of clear language.

Nafta May Have Saved Many Autoworkers’ Jobs
Eduardo Porter, New York Times

There are still more than 800,000 jobs in the American auto sector. And there is a good case to be made that without Nafta, there might not be much left of Detroit at all.

littlesisters2The Little Sisters of the Poor, an international congregation of Catholic women religious who serve the elderly poor in over 30 countries around the world, have been given a difficult choice: violate your conscience or pay $70 million a year in fines.

For the past few years the Obama administration has been attempting to force the Little Sisters — and other nonprofit religious organizations — to help provide their employees with free access to abortion-inducing drugs, sterilizations, and contraceptives. But on Wednesday, the Supreme Court will hear oral arguments to determine whether the nuns will be given the right to continue with their ministry caring for the elderly poor and providing health benefits to their employees without having to violate their consciences.

In an op-ed for the New York Times, Constance Veit,  director of vocations for the Little Sisters of the Poor, explains why the requirement is a violation of their conscience:

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JMM_18.2Our most recent issue of the Journal of Markets & Morality, vol. 18, no. 2, has now been published online and print issues are in the mail.

In addition to our regular slate of articles examining the intersections between faith, freedom, markets, and morality, this issue contains the text of the Theology of Work Consultation symposium at the 2014 conference of the Evangelical Theological Society. The subject was “The Economics of the Theological Vocation.” The entire symposium, as well as executive editor Jordan J. Ballor’s editorial on the subject, is open access.

In addition, associate editor Hunter Baker’s review essay on Kevin M. Kruse’s One Nation Under God and Timothy E. W. Gloege’s Guaranteed Pure is also open access. In it, Baker seeks to answer the question, “Is Christian America Invented? And Why Does It Matter?”

One last highlight: We are pleased to include a republication of a rare 1941 essay by German economist Wilhelm Röpke, “A Value Judgment on Value Judgments.” Samuel Gregg, director of research at the Acton Institute and a scholar of Röpke’s work, authored the introduction, “A Value Judgment on ‘A Value Judgment on Value Judgments.'”

Read the entire issue here.

Subscription instructions to access all of our content can be found here.

JMMIt’s a new year, and I’ve had occasion to do some retrospection on various things, including the Journal of Markets & Morality. The Fall 2015 issue is at the printers, and that marks the completion of 18 years of articles, reviews, essays, translations, and controversies. (Subscribe today to get your copy!)

Here are the top 5 most downloaded articles from the JMM website (which went live in 2012):

1) Svetozar Pejovich, “The Effects of the Interaction of Formal and Informal Institutions on Social Stability and Economic Development,” Journal of Markets & Morality 2, no. 2 (Fall 1999): 164-181.

Abstract
The purpose of this paper is to develop a testable theory—the interaction thesis—capable of explaining why there are differences in economic stability and growth rates between various countries; or, stated negatively, why less efficient countries do not duplicate the economic policies of more successful ones. The interaction thesis identifies the interplay of formal and informal rules as a principal factor affecting economic stability and growth rates. Furthermore, the thesis also sheds light on how the method of choosing formal rules is a major circumstance upon which the interplay of formal and informal rules depends.
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