R: Free Markets are Good for the Soul

The debate on the ethics of capitalism has run concurrently with the system itself ever since the time of Adam Smith, and perhaps even before. Many traditionalist philosophers and other members of the intelligentsia have decried capitalismś supposed severing of the community ties which existed before the market based system ended the feudal or communitarian systems of yore. Many argue that free markets lead to selfishness, uncaring individualism, and a generally lack of virtue as the pull of money begins to overtake the pull of genuine affection for fellow members of society.

At the same time, however, one would be loathe to ignore the benefits that our capitalist system has brought upon society. Global poverty has diminished exponentially when compared to the pre-capitalist, pre-industrial era. Huge, multinational businesses have allowed consumers worldwide more choices in consumption, and have been the impetus for important technological advancements. In addition, it is worth noting the failure of implementing more efficient systems on a national or global scale.

Then there is the personal aspect of the free market. How does it affect oneś own soul, rather than the soul of society? Some argue that a free marketeer is necessarily miserly and selfish due to the workings of the capitalist system, and we have all seen this greed manifested in some way or another, through uncaring corporations or simply greedy local shopowners. At the same time, there are always the Rockefellers, Carnegies, or Gates of theworld who donate immense sums of cash to important philanthropic programs.

Does a free market system cultivate or destroy virtue? What are the benefits and drawbacks of a supply and demand based economy? Must those who wish to thrive in this system necessarily leave morals behind? What alternatives to the free market system would be viable at a global scale?

Join us to debate these questions and more at 7:30 pm in the Berkeley Mendenhall Room this Wednesday, September 27th!