Markets and Morality

3 Credits · Level: Undergraduate

Are markets good or bad? How free should markets be? Is capitalism a compromise with corrupt human nature, or would we have grounds to prefer capitalism over socialism even in utopian conditions? Why are some nations rich and others poor? What good are economic and commercial liber!es, and how strong should those liberties be? Is capitalism an impediment to social justice, or could capitalism be a way of achieving social justice? Is it possible for a society to be free, prosperous, and fair? Is market society cooperative and peaceful or competitive and exploitative? Do markets promote or undermine community and virtue? What sorts of things should or should not be for sale on the market? This course is meant to introduce you to political economy—to the intersection of politics, philosophy, and economics—by focusing on a particular set of questions about capitalism, markets, and the ethics of wealth creation. We will evaluate the institutions of the market using the tools of ethics, political philosophy, economics, history, and political science. We will investigate issues concerning the nature of money and prices, the role of the division of labor, business ethics, commerce and entrepreneurship, overconsumption and overpopulation, exploitation and alienation, the relationship between wealth and happiness, the motivations of market actors, the rule of law, liberty and market society, rent-seeking and corporate welfare, commodification, paternalism, and more. We will read and discuss evaluations of markets from multiple ideological perspectives: authoritarian, socialist, communitarian, left-liberal, classical liberal, libertarian, and conservative.