Virtue and Capital

The primary virtue of capitalism is the way it holds you accountable for your actions. Do something stupid or bad, and people stop buying from you. Do something remarkable and good, and people buy more from you. That’s the idea anyway.

The problem with headlong deregulation of the industry over the past twenty years, combined with the moral hazard of “too big to fail” is that we have boosted rewards while removing accountability. We are, then, in danger of stripping capitalism of whatever moral legitimacy it may have attained since Teddy Roosevelt began building barriers to rampant exploitation.

Take away the accountability, and you remove the virtue. Experience has shown that self-regulation is inadequate.

Virtue and Knowledge

Contrary to postmodern relativists, the growth of human knowledge is a fact. But that fact does not make human beings any more likely to be virtuous, or rational. However fast and far science may advance the dilemmas that beset us, ethics will remain as problematic as before. Indeed, since the increase in knowledge enlarges the power to do evil, these dilemmas may be more formidable.

John Gray | Review: Mr. Brooks’s Miracle Elixir | The National Interest.