Responsible Capitalism and Moral Markets
As I recently keep happening upon the terms: “Responsible Capitalism” and “Moral Markets”, which to my untrained ears sound somewhat oxymoronic, I was determined to find out a little more.
I think the best piece I have read on this so far is written by Catholic economist Philip Booth, and is worth a read if this topic is of any interests to you.
Tags: Law Moral Ethical
February 9th, 2012 at 6:04 pm
Fractio Panis
Disappointing not to see any comments on this insightful and relevant post, only navel-gazing and gender politics while Philip Booth asks the biggest silly question in modern British political and social history.
February 9th, 2012 at 6:11 pm
I agree Goy.
February 9th, 2012 at 7:19 pm
Speaking as one involved, I would suggest that ‘Markets’ can by definition neither be moral nor immoral. It’s no more meaningful than asking ‘is Bristol moral?’ It is only the people involved who may exhibit these traits, and within the markets there are all manner of people, some more or less moral than others.
What constitutes ‘Responsible Capitalism’ is subjective, but I think it is possible to brand a particular political stance as responsible capitalism – but then it so depends on how you define these terms.
But I would disagree that the terms are oxymoron. I blame our educational system for that prevalent view. Many of us (myself included) leave school financially illiterate, and with a distrust of anything to do with markets or economics – (and the ethics involved) – and yet understanding these things is so important for the wellbeing of our society. If more people took an active interest we would not be so subject to the mistakes made by others.
February 9th, 2012 at 7:23 pm
If more people took an active interest we would not be so subject to the mistakes made by others
I think that’s right Simian and reflects where I’m at personally.