In Search of a Moral Foundation for Capitalism

The search for a moral foundation for capitalism has a long history that continues to unfold, yet many are unaware of this search or its implications for the future of capitalism. The recent pandemic has uncovered cracks in the foundation of capitalism and raised doubts regarding its ability to meet the broader needs of society. In Search of a Moral Foundation for Capitalism explains the continuing demand for a moral foundation from the perspective of business leaders, business educators, and policymakers, and tells the story of the search for that moral foundation through its leading characters. By presenting the life stories and writings of these leading characters – from Adam Smith to Amartya Sen – this book reveals the rich moral critique provided by these great thinkers and explains how that rich critique was lost through the influence of the Chicago School and its emphasis on self-interest.

'If you want a perspective on an enlightened version, possibly the originally envisioned version, of capitalism not fully reduced to its characteristic, though commonly overemphasized and misrepresented, rationale of self-interest, then read this book. By unpacking and reexamining the moral foundations of capitalism, this book will make you reflect on how capitalist societies can serve mutual benefit and achieve social welfare when liberated from its misconceived, fundamentalist clichés of naked self-interest and free markets.' Wim A. Van der Stede, Dean and Professor at London School of Economics
'In this excellent description of the development of intellectual ideas on the nature and determinants of our capitalist system, Douglas Stevens provides a wide-ranging, insightful, and accessible account of how we have arrived at the current dilemmas that confront us. His book provides a valuable basis for understanding how the history of economic thought can help guide the formulation of future policy.' Colin Mayer, Emeritus Professor of Management Studies at the Said Business School, and Visiting Professor at the Blavatnik School of Government, University of Oxford
'This is the single most useful book for understanding how the Chicago School in general, and in particular its agency theory with a hyper focus on self-interest has detrimentally impacted capitalism. Moreover, the personal stories of famous economic thinkers reveal insights about a path forward. To a society that proudly supports capitalism built on a moral foundation in which we achieve a prosperity that lifts all boats. I have had a long-term friendship with two of the economists profiled and I guarantee that the interpretation in this book hits the nail on the head.' Bartley J. Madden, author of Value Creation Principals: The Pragmatic Theory of the Firm Begins with Purpose and Ends with Sustainable Capitalism

Douglas E. Stevens is Professor and Copeland-Deloitte Chair in Accountancy at Georgia State University. His research extends traditional economic theory by incorporating social and moral norms and appears in top academic journals and a book entitled, Social Norms and the Theory of the Firm (Stevens 2019, Cambridge University Press).

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