In Search of a Moral Foundation for Capitalism: From Adam Smith to Amartya Sen

The search for a moral foundation for capitalism has a long history, and the recent pandemic has raised doubts about its ability to meet society's needs. In Search of a Moral Foundation for Capitalism explores the demand for a moral foundation from the perspective of business leaders, educators, and policymakers and presents the life stories and writings of great thinkers such as Adam Smith and Amartya Sen.

Format: Hardback
Length: 225 pages
Publication date: 07 December 2023
Publisher: Cambridge University Press

The quest for a moral compass to guide capitalism has a rich and evolving history, yet many remain unaware of its significance or its potential impact on the future of this economic system. The recent pandemic has exposed vulnerabilities in the foundations of capitalism, casting doubt on its ability to serve the broader interests of society. In "In Search of a Moral Foundation for Capitalism," authors delve into the ongoing demand for a moral framework from the perspectives of business leaders, educators, and policymakers. Through the narratives of key figures such as Adam Smith and Amartya Sen, the book explores the profound moral critique offered by these influential thinkers and uncovers how it has been overshadowed by the influence of the Chicago School, which prioritized self-interest.

The book delves into the historical context of the search for a moral foundation for capitalism, tracing its roots back to the Enlightenment era. It highlights the contributions of thinkers like John Locke, who emphasized the importance of individual rights and the pursuit of happiness, and Jean-Jacques Rousseau, who advocated for a social contract that balanced the interests of individuals and the collective. However, the book also acknowledges the challenges that emerged as capitalism evolved, particularly in the late 19th and early 20th centuries. The rise of industrialization and the concentration of wealth led to growing inequality and social unrest, prompting a search for a moral framework that could address these concerns.

One of the key themes of the book is the influence of the Chicago School on the moral discourse surrounding capitalism. The Chicago School, a group of economists who emerged in the 1920s and 1930s, emphasized the importance of free markets and limited government intervention. They argued that self-interest was the driving force behind economic growth and that government should not interfere in the market's workings. However, the Chicago School's emphasis on self-interest led to a neglect of the moral dimensions of capitalism.

Authors argue that the Chicago School's approach to economics was flawed and that a more holistic moral framework is necessary to guide capitalism in the 21st century. They suggest that businesses should prioritize not only their financial interests but also the well-being of their employees, customers, and the broader society. They advocate for policies that promote social mobility, environmental sustainability, and economic equality, recognizing that these goals are interconnected and mutually reinforcing.

The book also presents the life stories and writings of key figures who have contributed to the moral discourse surrounding capitalism. Adam Smith, for example, is celebrated for his advocacy of free markets and his belief in the benefits of individual liberty. However, the book reveals that Smith's moral critique was not fully embraced by the Chicago School, who downplayed the role

In conclusion, "In Search of a Moral Foundation for Capitalism" is a thought-provoking and timely book that sheds light on the ongoing quest for a moral compass to guide capitalism in the 21st century. The recent pandemic has exposed the vulnerabilities of the current economic system and raised doubts about its ability to serve the broader interests of society. By presenting the life stories and writings of key figures and advocating for a more holistic moral framework, the book offers a valuable contribution to the ongoing debate about the future of capitalism. As business leaders, educators, and policymakers continue to navigate the complexities of the 21st century, this book provides a roadmap for building a more sustainable and equitable economic system that benefits all stakeholders.

Weight: 502g
Dimension: 160 x 236 x 22 (mm)
ISBN-13: 9781009434393