The Morals of Markets and Related Essays / Edition 1

by H. B. Acton, David Gordon, Jeremy Shearmur

Overview

Although the market economy is not as unpopular now as when Acton wrote The Morals of Markets, the morality of buying and selling has long bothered man’s conscience. Defenses of capitalism often establish its efficiency or rely on a “that is the way human nature is anyway” argument. This book asserts that a free market is a necessary condition for the pursuit of moral excellence. Its analysis of the relation between capitalism and moral virtue has not been superseded.

The demise of Marxism and the moral bankruptcy of socialism throughout the world do not end the debate over capitalism. Acton’s book is distinctive in discussing the “morals of markets” in a way that forms an essential addition—often missing—to the case to be made for free markets.

Harry Burrows Acton (1908–1974) was Professor of Moral Philosophy at the University of Edinburgh.

David Gordon is a Senior Fellow at the Ludwig von Mises Institute.

Jeremy Shearmur teaches political theory at the Australian National University.

Product Details

ISBN-13:	9780865971073
Publisher:	Liberty Fund, Incorporated
Publication date:	06/30/1993
Pages:	286
Product dimensions:	5.50(w) x 8.25(h) x 0.75(d)
Age Range:	18 Years

Table of Contents

FOREWORD x EDITORS’ NOTE xxi ACKNOWLEDGMENTS xxii SELECTED BIBLIOGRAPHY xxiii INTRODUCTION: THE ETHICS OF CAPITALISM 3 THE MORALS OF MARKETS: AN ETHICAL EXPLORATION 21
Preface (to the First Edition of The Morals of Markets) 22

CHAPTER 1: THE THEME OF THE ESSAY 23
CHAPTER 2: THE PROFIT MOTIVE 36
CHAPTER 3: THE ETHICS OF COMPETITION 67
CHAPTER 4: THE EGALITARIAN COLLECTIVIST ALTERNATIVE 99
CHAPTER 5: SOME REFLECTIONS ON PLANNING AND PREDICTING 135
CHAPTER 6: SUMMARY AND CONCLUSIONS 150
TRADITION AND SOME OTHER FORMS OF ORDER 157
OBJECTIVES: AN ESSAY ON HAYEK’S CONSTITUTION OF LIBERTY 191
DISTRIBUTIVE JUSTICE, THE INVISIBLE HAND AND THE CUNNING OF REASON 215

INDEX 245

Editorial Reviews

Acton demonstrates a command of classic authors and enduring questions while simultaneously addressing contemporary concerns about the connection between commerce and morality. His defense of market orders is thus neither facile nor oblivious to critical questions. It manifests instead an abiding wisdom that is as positive as it is deep.

—Douglas Den Uyl, Liberty Fund Senior Fellow

No one who writes on the morality of capitalism should be ignorant of this little collection by H.B. Acton (1908-1974), which makes important advances on Burke, Hayek, and de Jouvenel. In addition, reading Acton yields intellectual pleasure of a high order.

—Michael Novak, American Enterprise Institute

From the Publisher