Article,
Economic behaviour and the norms of capitalism
International Social Science Journal, 57 (185): 421--431 (2005)
Abstract
The idea of moralising the capitalist economy presupposes an idea of morality or justice. If we confine ourselves intuitively to the principle of freedom or non-domination - often connected with a defence of market institutions as well as broader moral justifications - two questions must be asked. Firstly, can profit-oriented economic behaviour secure principles of non-domination? The answer is no, for there is a structural interest in cheating in a prisoner's dilemma situation. Additional normative considerations must be introduced in order to ensure that market norms are respected. The second question is, then, whether moral regard for the principle of non-domination can in itself justify free-trade institutions. Here again the answer is no, inasmuch as various typical features of social existence prevent us from thinking that respect for the pure norms of free trade can be consonant with direct application of this non-domination principle. In fact, actual social existence introduces other norms reflecting other social objectives that may also be derived from a non-domination principle.
