Beware of “Common Good Capitalism”
()
Here’s a letter to a new correspondent:
Mr. A__:
About my criticisms of “common good capitalism,” you charge me with being “too dismissive of efforts which only stress that capitalism should be judged by how well it promotes values outside of maximal materialistic satisfaction.”
Your allegation comes from a fair place, as no reasonable person believes that human flourishing consists exclusively, or even chiefly, in the successful pursuit of ever-greater consumption of material goods and services supplied on commercial markets. But for a variety of reasons I plead innocent to your charge. Here’s the main reason:
Pleading for “common good capitalism” implies that the capitalism championed by scholars such as Adam Smith, Ludwig von Mises, F.A. Hayek, Milton Friedman, and my late colleagues James Buchanan and Walter Williams does not promote the common good. Yet I believe this implication to be mistaken. In reality, the best economic system for promoting the common good is what I, in these discussions, call “capitalism unprefixed” – that is, capitalism as understood and championed by people such as Hayek and Friedman. Not only is there no need for government to interfere with capitalism unprefixed in order to ensure that the common good is served, such interference is far too likely to bestow unearned benefits on politically favored groups, or to satisfy the particular ideological preferences of politically influential intellectuals, all at the larger expense – material and nonmaterial – of the people as a whole.
If “common good capitalism” means anything other than capitalism unprefixed, its pursuit necessarily requires government to elevate the particular preferences of some individuals over those of other individuals – a move that mocks the meaning of “common good” as understood by true liberals.
An observation offered by Hayek in his 1960 essay “Why I Am Not A Conservative” is relevant here: “To live and work successfully with others requires more than faithfulness to one’s concrete aims. It requires an intellectual commitment to a type of order in which, even on issues which to one are fundamental, others are allowed to pursue different ends.”* Unlike Hayek and other liberals, “common good capitalists” lack this commitment. They are unwilling to extend to all individuals the freedom to pursue peaceful ends that differ from the ends embraced by “common good capitalists.”
In short, “common good capitalism” implies the ability of “common good capitalists” to determine which particular ends are, and which aren’t, consistent with the common good, and the right of these ‘capitalists’ to commandeer the state to impose their determination on everyone.
Sincerely,
Donald J. Boudreaux
Professor of Economics
and
Martha and Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA 22030* F.A. Hayek, “Why I Am Not a Conservative,” the postscript to the Definitive Edition (Ronald Hamowy, ed., 2011) of Hayek’s 1960 volume, The Constitution of Liberty, page 524.
]]>
Source: https://cafehayek.com/2023/05/beware-of-common-good-capitalism.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Lion’s Mane Mushroom
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, But it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes:
Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity.
Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins.
Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system.
Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome.
Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function.
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules. Today Be 100% Satisfied Or Receive A Full Money Back Guarantee Order Yours Today By Following This Link.