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Capitalism

Capitalism. By Machan and Chesher. Characteristics. Private property. Individual decision-making. Little or no state interference. “Invisible Hand”. Social Cooperation Price System. Prices determined by both parties. Important Virtues. Prudence and industriousness. Freedom.

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Capitalism

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  1. Capitalism By Machan and Chesher

  2. Characteristics • Private property. • Individual decision-making. • Little or no state interference. • “Invisible Hand”. • Social Cooperation • Price System. • Prices determined by both parties.

  3. Important Virtues • Prudence and industriousness. • Freedom. • Rights. • Wealth Creation.

  4. Two Kinds of Freedom (& Rights) • Negative (The right to not be violated) • Self-ownership theorem. • Non-aggression theorem. • Positive (The right to certain goods, etc.) • Come at expense of negative rights. • Capitalism recognizes only negative rights. • Because positive rights are contradictory.

  5. Three Shades of Capitalism • Anarcho-Capitalism (no government) • Minarchism (limited government) • Difference may be illusive. • Democratic Capitalism/Socialism • Market socialism • “Third Way”

  6. Capitalism facilitates wealth creation. • Promotes industry, ingenuity, responsibility, hard work, etc. • Is this a moral virtue of capitalism? • Is that the MAIN moral virtue of capitalism?

  7. Capitalism’s Main Moral Virtue • It recognizes that virtuous actions must be chosen by individuals. • It allows the freedom that is necessary to choose virtuous actions.

  8. Capitalism’s Main Perceived Problem • It allows people the freedom to choose immoral actions. • What kinds of immoral actions does it allow? • Are these actions truly immoral?

  9. Marxian Perspective on Capitalism • Alienation of labor & Exploitation of workers. • Marx saw these as leading to the eventual demise of capitalism. • This Marxist “exploitation of workers” theory is refuted in this fine article by George Reisman: http://www.mises.org/story/1729

  10. Is Capitalist “Exploitation” Unfair? • Is it coercive? • Does it use force or aggression? • Does it depend on how exploitation is defined? • In terms of altruism or egoism? • According to rights theory? • Is exploitation possible under negative rights? • Example of Hurricane Pricing

  11. Capitalism Gives Moral Space • Using others’ property without permission is not allowed. • Using one’s own property selfishly leads to a decrease in value. • This decrease in value will then lead to changes in behavior.

  12. Do Business People Favor Capitalism? • Some parts. • Why not all parts?

  13. Good afternoon, good evening, and goodnight.

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