This post on the values of capitalism over on Overcoming Bias is just excellent.
It starts with this quote:
“The financial crisis is not the crisis of capitalism. It is the crisis of a system that has distanced itself from the most fundamental values of capitalism, which betrayed the spirit of capitalism.”
— Nicolas Sarkozy
and includes gems like:
The fundamental morality of capitalism lies in the voluntary nature of its trades, consented to by all parties, and therefore providing a gain to all.
and
Vigorous work is praiseworthy but should be accompanied by equally vigorous results.
and
No one has a right to their job. Not the janitor, not the CEO, no one. It would be like a rationalist having a right to their own opinion. At some point you’ve got to fire the saddle-makers and close down the industry.
and
No company has a right to its continued existence. Change happens.
and
A high standard of living is the just reward of hard work and intelligence. If other people or other places have lower standards of living, then the problem is the lower standard, not the higher one. Raise others up, don’t lower yourself. A high standard of living is a good thing, not a bad one – a universal moral generalization that includes you in particular. If you’ve earned your wealth honestly, enjoy it without regrets.
and
People safeguard, nourish, and improve that which they know will not be taken away from them. Tax a little if you must, but at some point you must let people own what they buy.
and
In countries that are lawful and just, the government is the referee, not a player. If the referee runs onto the field and kicks the football, things are starting to get scary.
and
Making money is a virtuous endeavor, despite all the lies that have been told about it, and should properly be found in the company of other virtues. Those who set out to make money should not think of themselves as fallen, but should rather conduct themselves with honor, pride, and self-respect, as part of the grand pageantry of human civilization rising up from the dirt, and continuing forward into the future.
Amen!
