Thursday, October 18, 2018

Profit, Loss, Morality

Scholars attribute to Smith an unresolved conflict between Selfishness and Sympathy.  But this interpretation misses a more specific, concrete, potentially Morally significant, consequence of his advocacy of Selfishness.  For, as has been previously discussed, the Profit-motive in the context of a Competition entails harm to others.  Smith obliquely addresses this consequence when he attributes to the Invisible Hand the power to equalize all inequalities, but otherwise seems oblivious to the possibility that he is advocating harming others.  In contrast, some subsequent Capitalist address the possibility, and justify its actuality.  For example, Theological Capitalists attribute economic failure to divine punishment, and Social Darwinists attribute it to a law of nature.  In any case, few in a Capitalist society such as the contemporary U. S. even question this feature of everyday life.

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