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The search for a moral foundation for capitalism has a long history that continues to unfold, yet many are unaware of this search or its implications for the future of capitalism. The recent pandemic has uncovered cracks in the foundation of capitalism and raised doubts regarding its ability to meet the broader needs of society. In Search of a Moral Foundation for Capitalism explains the continuing demand for a moral foundation from the perspective of business leaders, business educators, and policymakers, and tells the story of the search for that moral foundation through its leading characters. By presenting the life stories and writings of these leading characters - from Adam Smith to Amartya Sen - this book reveals the rich moral critique provided by these great thinkers and explains how that rich critique was lost through the influence of the Chicago School and its emphasis on self-interest.
List of contents
1. Introduction: the continuing demand for a moral foundation; 2. The moral economist: Adam Smith; 3. Religion as a moral foundation: Max Weber and R. H. Tawney; 4. Humanism as a moral foundation: Karl Polanyi and John Maynard Keynes; 5. Self-interest as a moral foundation: the Chicago school and Ayn Rand; 6. Neoclassical economists join the search: Vernon Smith and Michael Jensen; 7. Rescuing capitalism from the capitalists: Amartya Sen; 8. The promise of capitalism: joining the search.
About the author
Douglas E. Stevens is Professor and Copeland-Deloitte Chair in Accountancy at Georgia State University. His research extends traditional economic theory by incorporating social and moral norms and appears in top academic journals and a book entitled, Social Norms and the Theory of the Firm (Stevens 2019, Cambridge University Press).
Summary
Stevens tells the untold story of the search for a moral foundation for capitalism through its leading characters. His historical account reveals the rich moral critique provided by these characters and describes how that moral critique was lost through the influence of the Chicago School and its emphasis on self-interest.
Foreword
Stevens tells the untold story of the search for a moral foundation for capitalism through its leading characters.
