The Morality of Capitalism What Your Professors Won’t Tell You Edited by Tom G. Palmer Students For Liberty Atlas Network Centre for Civil Society Liberal Youth Forum AtlasNetwork.org StudentsForLiberty.org LYFIndia.org CCS.in New Delhi, India Copyright © 2011 by Students for Liberty and Altas Economic Research Foundation Published by Centre for Civil Society in partnership with Students For Liberty & Atlas Network. General permission to reprint was granted by the Atlas Economic Research Foundation. “The Market Economy and the Distribution of Wealth,” by Ludwig Lachman reprinted by permission of the Institute for Human Studies. “Human Betterment through Globalization,” by Vernon Smith reprinted by permission of the Foundation for Economic Education. “Does the Free Market Corrode Moral Character? To the Contrary,” by Jagdish Bhagwati reprinted by permission of the John Templeton Foundation. All other essays published by permission of the authors. Edited by Tom G. Palmer Cover Design by Sadaf Hussain The editor gratefully acknowledges the assistance in preparing this book, not only of the authors and copyright holders, but of the members of Students For Liberty, most especially Clark Ruper, Brandon Wasicsko, and Ankur Chawla, who worked tirelessly to format and prepare the essays for publication. Their dedication and zeal for liberty is itself an inspiration. For information and other requests please write Centre for Civil Society A-69 Hauz Khas, New Delhi 110016 Voice: +91 11 2653 7456 email:
[email protected] website: www.ccs.in Printed at: Mehra Impressions 102, Tihar, Opp. Subhash Nagar, New Delhi, India ISBN: 81-87984-02-3 Table of Contents Foreword The Dharma of Capitalism ..............................................................................................5 By Gurchuran Das Introduction The Morality of Capitalism .............................................................................................9 By Tom G.