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1. Introduction
It may be possible to understand the entire political debate in the USA along a single dimension or spectrum, with absolute personal freedom at one end of the spectrum (extreme libertarianism) and absolute personal responsibility to the community (extreme socialism or communism) at the other end. Another way to describe this spectrum is the tension between "rights" and "responsibilities".
In the USA today, free-market anti-regulation capitalists advocate an economic philosophy of complete freedom, arguing that this approach liberates the creative power of job-creators and innovators, and builds the economic vitality of nations. Niall Ferguson, author of the book "Civilization", advocates this point of view, and cites developing nations like India and Brazil and China. Economic philosophers recognizing the need for regulation argue that the free market must be regulated or its freedom will be immediately abused, leading to national and international crisis. Jeffrey Sachs, author of "The Price of Civilization", argues this point of view.
In the context of this debate, we are looking for ethical principles that could guide the emergence of a new vision of capitalism. To begin, please respond to this question:
What is the ethical basis of capitalism?
In other words, 1) why is capitalism ethical? and 2) what specific practices make it ethical?
Please review the answers to this question that have been suggested by participants, and check off those answers with which you agree or support.
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