Humane Ventures, Natural Liberty, and Undertaking

Craig S. Galbraith and Curt H. Stiles

Chapter 5 in Humane Entrepreneurship:Creating a New Economy, Venture by Venture, 2023, pp 41-55 from World Scientific Publishing Co. Pte. Ltd.

Abstract: A humane economy requires that there be social order and economic growth. Adam Smith describes an economy in which order and growth are assured by what Joseph Schumpeter calls “the principle of Natural Liberty.” Social order is necessary to prevent a Hobbesian war of all against all and to permit the human coordination necessary for growth. The social arrangements used to maintain order must also provide the opportunity and the motivation for people to work most productively. Smith’s The Wealth of Nations presents the elements of a humane economy, built on a Natural Liberty that both maintains order and creates conditions to encourage optimal growth. Both Plato’s city of health and Thomas More’s land of Utopia seek order by means of central control, the two societies differing only in the power of the control needed to ensure personal restraint.

Keywords: Humane Entrepreneurship; Humane Economies; Humane Capitalism; History of Entrepreneurship; Entrepreneurship; Humaneness; Economic History; Markets And Morality; Ethical Markets (search for similar items in EconPapers)
JEL-codes: L26 (search for similar items in EconPapers)
Date: 2023
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