Suppose a man named Hutcheson lends ten pounds to a man named Smith. Then we might say, “Smith owes Hutcheson ten pounds.” Suppose that Hutcheson also teaches and aids Smith. Then we might say, “Smith owes Hutcheson gratitude/esteem/love.” Beyond Hutcheson, Smith might feel that he has been taught and aided by humankind generally, and Smith [...]
The “anonymous societies”—the corporations—can never deliver what they promise; they can never bring us limited government, free markets, or private property. But most especially, they cannot overcome the division between capital and labor; that can come only by sharing in ownership, and by identifying property with responsibility. The directors of such [joint stock] companies, however, [...]
The Enlightenment may well be the end of an old story rather than the beginning of a new one. The philosophy of insatiable appetites changed the Christian-Aristotelian moral order into the modern world, but now that the change is just about complete, what purpose does its catalyst serve? Power, Pleasure, and Profit: Insatiable Appetites From [...]
In “The Wealth of Nations,” Adam Smith was absolutely right: The widespread division of labor would cause the interior life to die; an unsurprising result, for under capitalism, the human person became a commodity, a resource, a thing used to further profits. My parents, Romanian gypsies, born in a Transylvanian village and raised in thatched-roofed [...]
Because of the strong secular faith instilled in us by education, most of us trust that science and technology, democracy, and capitalism, the three legs of Modernity, can bring about only good ends and fail to see that these three triumphs of humankind can diminish the human person. With the publication of the book The [...]
It is the perennial task of the conservative to disentangle the truth from the weeds of confusion which keep growing up around it. Samuel Francis and Patrick Buchanan have greatly contributed to the present resurgence of conservative elements rising up in America. Whatever political victories may come of their work should certainly be celebrated. “Go [...]
When we strip away all the fancy arguments and strong opinions about capitalism, or industrialism if you like, we see a person in the workplace is a commodity, a thing to be used up and discarded. As a result, capitalism creates a thing-oriented society, where machines, profits, and properties are more important than people. I [...]
The figure of the universally benevolent man seems in many circles to have taken a back seat to the stunted, self-centered Economic Man. We ought to ask ourselves: Are we losing a nuanced sense of self-interest rightly understood? I have been reminiscing a lot lately, probably a sign of my age. But I recently came to [...]
Adam Smith, the father of the discipline we now refer to as economics, was a moral and political philosopher of the Scottish Enlightenment and contemporary and acquaintance of Edmund Burke. Long heralded as a proponent of self-regulating markets, limited government, and free-market “capitalism,” Smith is often invoked by proponents of corporate capitalism as an archetype [...]
If we were to imagine ourselves standing on a hill, looking down on the full sweep of history stretched out before us in the valley of human memory, we would observe the social edifices of man rising and falling in revolutions with the periodicity of seasons. We would witness hands reaching up like a wave [...]
Can “free trade,” as understood by Adam Smith, bring peace among nations? Or does it just allow the strongest nations to become imperial powers? In answering these questions, we must keep in mind that Smith was an economist and not a prophet. In all normal civilisations the trader existed and must exist. But in all [...]
Edmund Burke allowed his fear of the French Revolution to cloud his judgment of a fitting response to the needs of agricultural workers. He was blind to the dangers of monopoly and concentration of economic power, to the possible ways of intervening that conform to the character of a market economy. “The mistakes which have [...]
The term capitalism has long been used by critics as a catch-all to denote a system replete with greed, indulgence, excess, and deprivation. It is easy to misinterpret self-interest as selfishness and write off capitalism and economics. But the truth of the matter is much more complicated… I find myself still scratching my head over George Stanciu’s [...]
I’ve not been fully sure what to “make” of Pope Francis. He is clearly a man of God with a deep love for the poor and an even deeper personal humility. But how is one to respond to his pronouncements on economic and environmental issues? Pope Francis and the Caring Society, ed. Robert M. Whaples (Independent [...]