This week’s Acton Commentary:
Does the market inspire people to greater practical virtue, or does it eviscerate what little virtue any of us have?
Far from draining moral goodness out of us—as many think—the free market serves as a “school of the practical virtues.” Rather than elevating greed and self-sufficiency, the market fosters interdependence and cooperation. Its rewards do not go to those who are the most isolated, self-absorbed, or cut off from society, but to those who sustain mutually prosperous relationships with others.
Adam Smith made a striking observation more than two hundred years ago in his treatise, The Theory of Moral Sentiments. In a commercial society, he wrote, “every man becomes in some sense a merchant.” If Smith is right, what does that imply for the development of character in society? Is the market economy more likely to produce a Bernie Madoff or a Dave Ramsey? Does the market tend to erode character traits such as honesty, loyalty, courage, and the responsible stewardship of resources? Read more on The Market, School of Virtue…
It’s perhaps serendipitous that I’m beginning to read Gertrude Himmelfarb’s The De-Moralization of Society: From Victorian Virtues to Modern Values on the same day that the first Values Voter Debate is going to be held in Ft. Lauderdale, FL.