The Moral Assumptions Of Laissez Faire Capitalism Essay

People from all walks of life face many ethical dilemmas. These dilemmas have consequences. Our worldview determines how we deal with these dilemmas, and guides us to the right decisions. In this essay, I will examine an ethical issues through my Christian worldview. I will also present other viewpoints, and compare them to mine.

In the article "Moral Criticisms of the Market," Ken Ewert composed an educational article on the economic system of capitalism to address the moral issues that the “Christian Left” critics had raised. Christian socialists reprimand the system of the free market for its morals or lack thereof, as well as the system inherently created an environment where selfishness and impersonal and individual relations is encouraged, and economic oppression and exploitation of the weak thrives (Ewert, 1989).

nation's great cities and as oil refining rose so did the popularity of the automobile. With these

But in a Christian’s religion they believe that there is a real and living God that can do everything for them, supply their needs, heal, guide and protect them. Their God can talk, hear and direct them in the right path; if they only accept and believe in him. Their religious opinions would lead them to unethical behavior and lower their ability to appreciate the cruel nature of their acts. We must turn the ethical principles to protect ourselves from narrow-minded and cruel religious practices. (Paul,

During the nineteenth century, Europe, more so in England and France, experienced a transition from an agrarian economy to one dominated by industrial manufacturing, otherwise known as the Industrial Revolution. Prior to the Revolution, European economy was primarily centered around agriculture and products from farming. Population concentrations were low, as expected by a rural community. Rapid industrialization enabled more people to work and generate an income, however, the profit-driven mentality of business owners led to injustice towards laborers and children. For example, third class factory workers worked for as long as sixteen hours per day, receiving about ten cents per hour. This, however, was only true for men; women and children

As seen throughout the semester, the debates surrounding capitalism and its role in society are extensive and transcends generations. By virtue of the nature of debates, two broad positions on capitalism evolved in North American Protestantism – one position defends capitalism while the other protests capitalism. The defense of capitalism developed in the 19th century. Being one of the many authors to do so, Charles Sellers attributes the development of capitalism to the Market and Industrial Revolution (Sellers, 21). Consequently, the Second Great Awakening increased religious awareness and significance in the daily lives of Americans (Sellers, 202). Sellers argues it was only through religion that Americans could cope with the stresses of

Nations have debated on which economic direction their country will direct its footsteps since the creation of societies. The United States, being one of the most stereotypical capitalistic nations, began as a Laissez-faire nation, but throughout the centuries America’s economic standpoint has shifted more into Socialism rather than Laissez-faire. The second largest economy in the world, China, is widely understood as being a socialist country, however, for the past years they have been inclined towards a more capitalist nation, but are still officially socialist. Socialism and Laissez-faire both have fatal flaws, but both concepts can be blended and pragmatic to the new millennium while having a positive future.

Stapleford presents a strong analysis of economic issues with a Christian perception that aligns with Biblical truths. He urges his audience to avoid the temptation of idolatry and materialism but to live a selfless life of sacrifice. Stapleford claims that “there is sanctity in all of labor, and without God’s involvement human labor is futile. In whatever we do, Christians are to do it heartily as unto the Lord, for we do not labor for the food that perishes but for the food that endures to everlasting life” (Stapleford, 2009).

When America obtained independence from Great Britain more than two hundred years ago, the founding fathers envisioned a small, conservative, national government with restricted responsibilities. Their principles were mainly focused around the Bible and were the basis of the Constitution and government. Their goal was to have a limited government, with little interference in the lives of the citizens. In America today, government and society are distant from Biblical and conservative views. Consequently, we have seen a drastic change from conservatism to liberalism. Our founding fathers never envisioned a country with legalized abortion, racism issues, political corruption, high taxes, gay rights, government controlled programs, and many other

Capitalism started up as a system of investing and sharing money in order to increase the value of resources in the future. Capitalism was just an economic system, but then soon turned into a complex system of ethical practices. Harari defines capitalism as, “a set of teachings about how people should behave, educate their children and even think” (Harari 314). This economic system evolved along with the people that were endorsing it. Capitalism enables the rich to get richer, while the poor continue to get poorer. There are many benefits to capitalism, but there are downfalls as well, and these downfalls tend to be masked because of the rapid speed capitalists grow at. Harari first presents a definition for capitalism, and soon goes into great detail on why capitalism, while fast paced and unforgiving, is able to stand unwavered while other productions fail.

By definition, Capitalism is an economic system controlled chiefly by individuals and private companies instead of by the government. In this system, individuals and companies own and direct most of the resources used to produce goods and services, including land and other natural resources labor, and “capital”. “Capital” includes factories and equipment and sometimes the money used in businesses (Friedman, 5).

Capitalism is a subject that can be considered deeply controversial. There are many who tout the benefits that capitalism provides to the economy and the progress of human society. There are others who decry that it is a system which promotes selfish motives and extols profits above honesty and genuine goodness. This essay will examine the claims of each and will reach to conclude the answer to the question “is capitalism good?”

At eighteenth century, the cost of increasing development of capitalism is anomie: people chasing material life insanely even sacrifice others’ benefits. Because of this, Adam Smith, a successful philosopher and economist, released that the original morality principle was not suitable for that society anymore, and it needed to build another new theory system to suit the developing society. He wrote two masterpieces that proposed his ideas: The Theory of Moral Sentiments, which discusses the human development by analysing the human emotion, and The Wealth of Nations, which summarises the development of capitalism and it is also a foundation for today’s economy. This essay will analyse the self-interest, plays as a motivator role in morality and economy field, and benefits the development in that society. Moreover, will suggest some limitations of Smith’s idea.

The fact that free markets are based on a contractual agreement between the buyer and seller with very little government control makes it feasible to consider it to be compatible with individual freedom. (Free Market: 2014) Classical liberals may agree with the objectives of free markets, as they emphasise the importance of individual freedom with limited control of the state. (Hagopian)The counter argument is that when the free market economy is fuelled by profit motives, it sacrifices some ethical and economic issues which can cause severe consequences. (Gerald Hanks: 2014) Modern Liberals argue that although individual freedom is important, coercion can be used as a positive outlook of bettering individuals to the best of their ability.

In economics, some classical liberals believe that ‘’an unfettered market’’ is the most efficient mechanism to satisfy human needs and channel resources to their most productive uses. The minimal government advocacy of an ‘’unregulated free market’’ is founded on an ‘’assumption about individuals being rational, self-interested and methodical in the pursuit of their goals. Adam Smith was not an advocate of pure capitalism. Adam Smith allowed for many exceptions to a strictly free-market economy. The classical liberals advocated policies to increase liberty and prosperity. They sought to empower the commercial class politically. They abolish royal charters, monopolies and the protectionist policies of mercantilism to encourage