The Morality of Market Economy

Javier Aranzadi
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Javier Aranzadi: Universidad Autonoma de Madrid

Chapter Chapter 9 in Human Action, Economics, and Ethics, 2018, pp 55-60 from Springer

Abstract: Abstract Market economy is based in the acting person within her socio-cultural framework. Creativity is not dynamic because it is developed in time, but because it goes beyond what is immediately given. This dynamism which creativity develops is the transformation of the action. This is the basic concept to understand the capitalistic process, that the end is an imagined reality and that the means must be constituted. In this view the social practice of the firm is huge: the firm’s social practice is to enhance the possibilities of persons. The greater these possibilities, the greater the possibilities of monetary profit. This involves taking account of the following efficiency criterion: entrepreneurial coordination and wealth increase if the process of creating culturally transmitted personal possibilities for action in firms is extended. Market economy based in firms has a very positive moral content: the possibility of excellence of human action. Market economy is the mean to economic development and prosperity. Firms based in people acting together, sharing the culture of the organization, towards virtue-based ethics, create and distribute most of the economy’s wealth, innovate, trade and raise living standards.

Keywords: Market economy; Creativity; Entrepreneurship; Possibilities of action; Monetary profit; Efficiency criterion; Virtue; Excellence of human action; Common good (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-319-73912-0_9

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DOI: 10.1007/978-3-319-73912-0_9

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