Economy and Virtue

The moral case for the market economy

This volume, edited by Dennis O'Keeffe and with a foreword by David Willetts, explores the relationship between virtue, morality and alternative forms of economic organisation. It should be read by anybody who is interested in the relationship between morality and economic order.

Despite the obvious success of the market economy in generating wealth, many commentators accept this success only grudgingly, and unthinkingly criticise the moral underpinnings of capitalist societies. Economy and Virtue takes such critics on and finds their criticisms wanting. It analyses how a free society both relies on and promotes values. Unless people can choose between good and evil in conditions of freedom, there is no morality in performing an action that helps another person. A market economy promotes cooperation and restrains selfishness because it relies on contra