Sunday, April 3, 2016

The Reciprocal Philanthropy of Market Capitalism

The free market is morally praiseworthy not because it is the best possible framework for promoting one's self-interest, but because it by definition harmonizes one's self-interest with the interests of others and enables the effective pursuit of the former only insofar as it is coupled with the effective pursuit of the latter. In other words, the free market constitutes not so much a system that most effectively satisfies individual egoisms (even though this is usually the case), but a system based on "reciprocal philanthropy", where the utilitarian category of efficiency is objectified through the reference to the phenomenon of voluntary (and thus mutually beneficial) transactions, hence being also tied to the deontological category of respect for individual rights.

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