Capitalism, markets and morality

The ideas of Adam Smith succeeded in generating wealth, liberty and happiness around the globe because they were founded in an understanding of the realities of human nature. Capitalism, very simply, depends on satisfying human wants; other economic systems depend on some form of coercion. It is false and dangerous to project from the fact that capitalism is largely of itself unconcerned with morality, any notion that a capitalist society can be amoral. It is integral to Western Civilization that provision must be made for the welfare of those unable to take part in the market economy. Capitalism got under way in historic Christendom, and today the most dynamic, inventive, capitalist nation, the USA, also happens to be the most Christian. Capitalism grew slowly in the West, in a complex but fruitful relationship with Judeo-Christianity and with science-technology. Western civilization is built on several pillars and capitalism/ free-market economics is only one of them.