Can capitalism have moral foundations? Though this question may seem strange in today's world of vast economic disparities and widespread poverty, discussions originating with the birth of capitalism add a critical perspective to the current debate on the efficacy and morality of capitalist economies.
Authors Daniel Halliday and John Thrasher use this question to introduce classical political philosophy as a framework by which to evaluate the ethics of capitalism today. They revisit and reconstruct historical eighteenth- and nineteenth-century defenses of capitalism, as written by key proponents such as Adam Smith and John Stuart Mill. They ask what these early advocates of market order would say about contemporary economies, and argue for the importance of connecting these foundational defenses to discussions of economic systems and the roles they play in economic justice and injustice today.
The textbook covers longstanding problems that are as old as the discussion of capitalism itself, such as wage inequality, global trade, and the connection between paid labor and human flourishing. It also addresses new challenges, such as climate change, the welfare state, and competitive consumption, and provides topical global case studies. Additionally, it includes study questions at the end of each chapter and an author-created companion website to help guide classroom discussion.
The authors have done a great service to teachers of political philosophy and political economy by writing an accessible introduction to political economy from a philosophical perspective ... The authors say that they intend the book to be a "gateway drug," to make students hungry for more scholarship in political economy. I cannot wait to teach a course based on the book, because I expect that it will work. The book is written in an accessible and engaging style that makes it particularly suitable for undergraduates. The tone they strike is that of a trusted friend that helps you make up your mind, rather than that of the preacher or ideologue. The Further Reading sections at the end of each chapter capture essential classics and are up to date with some of the best research in the area, providing a good starting point for developing extended essays.
