Why It’s Important to Make the Moral Case for Capitalism

It is true that free market capitalism is the best system for promoting human flourishing and prosperity. Not surprisingly, then, many advocates for free markets exalt the dynamism of capitalism. However, in making this utilitarian defense of capitalism, defenders might also be ceding the moral position to socialists.

 
The Importance of the Moral Argument

Demonstrating the impracticality of socialism is necessary, but is also an ineffective strategy to galvanize goodwill for capitalism, because objections to capitalism are usually predicated on moral grounds. Unfortunately, even sober critics of socialism may reject capitalism on the premise that it is inhumane and functions as a vehicle to enrich the elite. Therefore, libertarian paeans to the superiority of free market capitalism can be wrongly misinterpreted as a justification for elite rule. To improve the reputation of capitalism, defenders of markets must remind naysayers that it is a moral system based on freedom and voluntary participation. Notwithstanding the remonstrations of critics, the essence of capitalism is choice, not profits.

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Πηγή: mises.org