Capitalism in itself has no moral compass. The problems of unfettered capitalism are all around us. There are externalities: costs (or benefits) of activity that are not borne by an actor. Pollution is the paradigmatic externality. Acting purely for its profit-seeking self-interest, General Motors would pour the toxic waste it creates into the river behind the factory. That would mean less-expensive cars, but dire consequences for those who live and work downriver. That’s not to demonize GM. If it doesn’t get rid of waste in the cheapest possible way, its competition will, putting GM out of
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