Wednesday, October 17, 2018
Profit-Seeking and Competition
In a legal context, if P intends A, A entails B, and both A and B occur as a result of P's effort to accomplish A, then P is usually held responsible for B, with the degree of mitigation due to their not knowing that A entails B dependent on circumstances. Now, Capitalists, beginning with Smith, advocate the cardinal principles 1. that one seek exclusively one's profit, and 2. free market competition. But, Competition entails both a winner and a loser, or, in an Economic context, both someone who profits and someone who loses. Thus, the combination of those Capitalist cardinal principles entails that the profit-seeker is responsible for someone's suffering of a loss. Accordingly, the Capitalist thesis that one is responsible for only oneself is contradicted by the consequences of Capitalist cardinal principles. The neglect of those consequences is a fundamental ingredient of e. g. contemporary American society, a neglect that, given the general refusal to recognize them, approaches deliberate harm.
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