The Virtues of Capitalism: A Moral Case for Free Markets

by Scott B. Rae, Austin Hill

In the aftermath of the recent economic downturn, some observers leveled harsh criticism against free-market economies. In the spring of 2009, for instance, an article in the The London Telegraph insisted that the industrialized West must re-articulate its moral case for market capitalism. Additionally, numerous commentators proclaimed the days of unfettered markets to be over.  In this timely and balanced book, Austin Hill and Scott Rae agree with capitalism's critics that the economy is essentially a moral issue, but they argue that free markets are by-and-large the solution to financial disasters rather than the cause. Though they recognize that there are legitimate criticisms of the market system--and real limits to what it can and should accomplish--the authors further conclude that capitalism both depends upon and sustains classic Judeo-Christian virtues better than any of its rival systems. Thoughtful and engaging, this book pushes against the tide of current public opinion and some of the administration's proposed economic policies with a principled defense of capitalism.

Genres: Economics, Politics, Business

160 pages, Paperback

First published January 1, 2010

About the author

SCOTT RAE, Ph.D., is professor of Christian ethics and chair of the philosophy of religion and ethics department at Talbot School of Theology. He's written six books, including Moral Choices: An Introduction to Ethics and Beyond Integrity: a Judeo-Christian Approach to Business Ethics.

Reviews

[Douglas Wilson]

A decent book. I enjoyed it, and learned some things, but I much prefer my defenses of capitalism to be Strident. These guys were mellow, but they still had some good things to say. My favorite was their observation that the opposite of contentment was not ambition, but rather envy.

[Noah Senthil]

Unfortunately, this book was not worth my time. I do think you CAN make a moral case for a version of capitalism, but this is not it. The chapter arguing for capitalism based on the Bible wasn’t good, and it’s impossible to ignore what’s been excluded from the discussion: 2000 years of Christian ethical reflection on economics. They mention church history one time, saying, “Interestingly, many of the theologians who have commented on economics through the centuries have taken a dim view of commerce and business.” No doubt, “a dim view” is the one that doesn’t align with contemporary American Republican economics.

It baffles me that one could write a book defending capitalism from the perspective of Christian ethics and not address (1) the long-standing consensus that usury is a sin, or (2) what it means that “Thou shall not steal,” with the assumption being that one can freely buy or sell at a price and it still be considered theft if it doesn’t accurately represent the value of the commodity. Again, I’m not saying you have to agree with the tradition, but you must address it.

The best parts of the book were the acknowledgment at the beginning that economics is not amoral but an important site of ethical inquiry, and the last chapter, which does advocate for certain limits on the market, i.e., human beings, sex, etc, should not be sold. But even then, they really don’t substantiate such important points in the ways that are necessary.

[Matt]

Excellent read comparing how the markets encourage certain behaviors that are beneficial to society in light of history and other factors.

[Daniel]

Ok.

[Joaquin Hernandez]

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