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Foreword
Gurcharan Das
Acknowledgements
Contributors to this Volume
Overview
Parth J. Shah |
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Part A
The Ethics of Exchange |
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| 1. |
Morality as Cooperation
Peter J. Boettke
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| 2. |
I, Pencil
Leonard E. Read
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| 3. |
The Argument for Free Markets: Morality vs
Efficiency
Walter E. Williams
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| 4. |
The Ugly Market: Why Capitalism is Hated,
Feared and Despised
Israel M. Kirzner
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| 5. |
Ten Ethical Objections to the Market Economy
Murray N. Rothbard
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| 6. |
How to Judge Globalism
Amartya Sen
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Part B
Morality in Commerce and Corporation |
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| 7. |
Bourgeois Blues
D. McCloskey
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| 8. |
Morality and Character Development: The Roles
of Capitalism, Commerce, and the Corporation
Edward W. Younkins
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| 9. |
Discovery, Private Property and the Theory of
Justice in Capitalist Society
Israel M. Kirzner
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| 10. |
The Social Responsibility of Business is to
Increase its Profits
Milton Friedman
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| 11. |
Business Ethics Gone Wrong
Alexei M. Marcoux
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| 12. |
Business Ethics in a Free Society
Tibor R. Machan
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The Business Corporation as a Moral Community
Brian Griffiths
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The Market Order and the Moral Order
Don Lavoie & Emily C. Wright
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Part C
The Immorality of State Intervention |
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| 15. |
The Rise of Government and the Decline of
Morality
James A. Dorn
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| 16. |
The Petty Tyranny of Government Regulation
Tibor R. Machan
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| 17. |
The Immorality of Business Subsidies
Paul A. Cleveland
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| 18. |
Are Antitrust Laws Immoral?
Jeffery Tucker
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Part D
Religion and Markets |
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| 19. |
Liberalism and Markets in Hindu Spirituality
Sharad Joshi
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The Capitalist Structures of Hinduism
Mario Gómez-Zimmerman
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| 21. |
Islam and Markets
Imad A. Ahmad
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| 22. |
Christian Morality and Market Capitalism:
Friends or Foes?
Ian Harper
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Sources |
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Contributors to this Volume |
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Imad A. Ahmad graduated cum laude from Harvard in 1970 and in
1975 obtained a Ph.D. in astronomy and astrophysics from the University of Arizona. He
is an educator who currently teaches honours courses in “Religion and Progress” and
on “Religion, Science and Freedom” at the University of Maryland in College Park,
MD. He is also an adjunct professor at the Johns Hopkins University School for Advanced
International Studies where he has taught a course in Islam and Development. He is
currently President of the Minaret of Freedom Institute, an Islamic public policy
research institute in Washington, DC. He is the author of Signs in the Heavens: A Muslim
Astronomer’s Perspective on Religion and Science. He is also editor of Islam and the
Discovery of Freedom and co-editor of Islam and the West: A Dialog.
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Peter J. Boettke is the Deputy Director of the James M.
Buchanan Center for Political Economy, a Senior Research Fellow at the Mercatus Center,
and a professor in the economics department at George Mason University. He received his
BA in economics from Grove City College and his PhD in economics from George Mason
University. Before joining the faculty at George Mason University in 1998, he held
faculty positions at Oakland University, Manhattan College and New York University.
Boettke is the author of several books on the history, collapse and transition from
socialism in the former Soviet Union — The Political Economy of Soviet Socialism: The
Formative Years, 1918-1928 ; Why Perestroika Failed: The Economics and Politics of
Socialism Transformation; and Calculation and Coordination: Essays on Socialism and
Transitional Political Economy.
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Paul A. Cleveland is part of the economics faculty at
Birmingham-Southern College. He received his Ph.D. in Economics from Texas A&M
University. He serves as an Adjunct Scholar with the Acton Institute. His articles have
been published in numerous places including the Journal of Private Enterprise, Religion
and Liberty, and Ideas on Liberty. In addition to his writing, he has lectured on the
free market in numerous places including universities in Lithuania, Poland, and Taiwan.
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Gurcharan Das is a columnist for the Times of India and the
former CEO of Procter & Gamble India. He graduated from Harvard College in
Philosophy and Politics and attended Harvard Business School. He is currently a venture
capitalist and serves as a consultant to industry and government leaders. He is the
author of three plays (including the renowned “Larins Sahib”) and several works of
nonfiction, including India Unbound (2001) and the Elephant Paradigm (2002).
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James A. Dorn Cato’s vice president for academic affairs,
James A. Dorn is editor of the Cato Journal and director of Cato’s annual monetary
conference. His research interests include trade and human rights, economic reform in
China, and the future of money. He directed Cato’s Project on Civil Society from 1993
to 1995. From 1984 to 1990, he served on the White House Commission on Presidential
Scholars. He has edited ten books, and his articles have appeared in numerous
publications. Dorn holds an M.A. and a Ph.D. in economics from the University of
Virginia.
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Milton Friedman is the twentieth century’s most prominent
economist advocate of free markets. He attended Rutgers University, where he received
his B.A., then went on to earn his M.A. from the University of Chicago in 1933 and his
Ph.D. from Columbia University in 1946. In 1976 he won the Nobel Prize in economics for
“his achievements in the field of consumption analysis, monetary history and theory,
and for his demonstration of the complexity of stabilization policy.” Before that
time, he had served as an adviser to President Nixon and was president of the American
Economic Association in 1967. Since retiring from the University of Chicago in 1977,
Friedman has been a senior research fellow at the Hoover Institution at Stanford
University.
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Brian Griffiths taught at the London School of Economics from
1965 to 1976. He was a director of the Bank of England from 1983 to 1985. He served as
head of the Prime Minister’s Policy Unit from 1985 until 1990. On leaving No. 10 he
was made a member of the House of Lords. From 1991 to 2000 he was Chairman of the Centre
for Policy Studies. Since then, Lord Griffiths has been Vice Chairman of Goldman Sachs
(Europe) and an international advisor to Goldman Sachs.
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Professor Ian Harper holds the Sidney Myer Chair of Commerce
and Business Administration at the Melbourne Business School within the University of
Melbourne. He is also Assistant Director and Dean of Faculty at the School. Apart from
his academic work, Ian actively consults to Governments and the corporate sector and
often appears on the national conference speaking circuit. Ian Harper has published
research papers on the effects of financial deregulation, the economics of saving, bank
supervision, the role of superannuation, and the future of Australia’s health
insurance system. In 2000, he was elected a Fellow of the Australian Academy of Social
Sciences. He is a member of the Centre for Independent Studies, Sydney.
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Sharad Joshi is an agriculturalist, peasant-leader, economic
columnist, and the founder-leader of Shetkari Sanghatana in Maharashtra and the All
India Kisan Coordination Committee. He has led a number of mass agitations in
Maharashtra, Karnataka, Gujarat, Punjab and Haryana for remunerative prices of
agricultural products, against hike in electricity tariffs, for liquidation of rural
debts and against State dumping in domestic markets. He has been an original and
persistent propounder of the postulate that the government imposed negative subsidies on
farmers as a matter of deliberate policy. He has served as a member of the Advisory
Board of the World Agricultural Forum (WAF), St. Louis, and as Chairman, Standing
Advisory Committee on Agriculture (SAC) with the rank of a Central Cabinet Minister. He
received his M.Com degree from Sydenham College, Bombay, in 1957. His publications
include Organisation of Peasants: Thought and Practice and Bharat Eyeview.
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Israel Kirzner is a leading economist in the Austrian School.
He received his PhD in economics in 1957 from Brooklyn College in New York, when he was
studying under Ludwig von Mises. His major work is in the economics of entrepreneurship
and ethics and economics. He is a professor at New York University. Some of his major
works include: Entrepreneurial Discovery and The Competitive Market Process: An Austrian
Approach, (Journal of Economic Literature, March 1997), The Meaning of Market Process,
Discovery, Capitalism and Distributive Justice and Competition and Entrepreneurship.
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Don Lavoie The late Don Lavoie served as the David H. and
Charles G. Koch Chair of Economics at the Program on Social and Organizational Learning,
George Mason University, and was twice the recipient of the university’s Distinguished
Faculty award. He received his Ph.D. in Economics in 1981 from New York University. He
is best known as author of two books published in 1985, Rivalry and Central Planning and
National Economic Planning: What is Left?, which elaborate on the “Austrian” schools
critique of centralized economic planning, and for his work in the philosophy of
economics. His books on the critique of central planning could be said to have
anticipated and explained the collapse in 1989 of the soviet-type economies in Eastern
Europe, and his work in philosophy has won him international recognition as a leading
critic of mainstream economics. He edited Economics and Hermeneutics, a collection of
essays which explores the implications of hermeneutical philosophy for economics, and a
collection of essays by his teacher, Ludwig Lachmann, entitled Expectations and the
Meaning of Institutions.
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Tibor Machan is Distinguished Fellow and Freedom Communications
Professor, Leatherby Center for Entrepreneurship and Business Ethics at Chapman
University. He is also affiliated with the Hoover Institution at Stanford University, is
on the advisory board for several foundations and think tanks, and served on the Board
of the Jacob J. Javits Graduate Fellowship Program of the U.S. Department of Education.
He received his MA from New York University, and his Ph.D from the University of
California, Santa Barbara. Dr. Machan has authored numerous books including A Primer on
Ethics (1997) and Private Rights & Public Illusions, and co-founded Reason magazine.
He has contributed to numerous scholarly journals including The American Philosophical
Quarterly, American Journal of Jurisprudence, and the International Journal of Social
Economics.
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Alexei M Marcoux is Assistant Professor of Business Ethics in
the Graduate School of Business, Loyola University, Chicago. His work on the normative
aspects of corporate governance has appeared in Business Ethics Quarterly and Business
& Professional Ethics Journal. During fall 2004, Prof Marcoux will be Visiting
Scholar at the Social Philosophy & Policy Centre (Bowling Green, Ohio), where he
will begin work on a book advancing a transaction-based theory of commercial ethics.
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Deirdre McCloskey is Distinguished Professor, Liberal Arts
& Sciences, University of Illinios at Chicago and Tinbergen Distinguished Professor,
Erasmus University of Rotterdam. She received her Ph.D in Economics from Harvard
University in 1970. She has written numerous books and articles in the fields of
economic history, rhetorical criticism in history and economics, and the sociology of
science. Some of her books include Enterprise and Trade in Victorian Britain: Essays in
Historical Economics, The Rhetoric of Economics, If You’re So Smart: The Narrative of
Economic Expertise, The Vices of Economists; The Virtues of the Bourgeoisie, and
Crossing: A Memoir.
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Leonard E. Read: The late Leonard E. Read was the founder of
the Foundation for Economic Education, one of the original pro-freedom think tanks.
Through his tireless efforts in that organization, as well as through his books,
countless essays, and extensive speaking schedule, he was largely responsible for the
revival of the liberal tradition in post-World War II America. Read also served as the
manager of the Los Angeles Chamber of Commerce, — the largest in the U.S— where he
struggled against the prevailing Marxist and Keynesian economic policies. In numerous
Chamber publications he had refuted the Marxian charges of the exploitation, abuse, and
immiseration of workers by “the bourgeoisie.” Some of his books include Accent on
the Right, The Freedom Freeway, The Love of Liberty, and Seeds of Progress.
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Murray N. Rothbard: The late Murray Rothbard was an economist
and political theorist belonging to the Austrian School of Economics who helped define
modern libertarianism and anarcho-capitalism. He is one of the few economic authors who
have studied and presented the pre-Smithian economic schools, such as the scholastics
and the physiocrats. These are discussed in his unfinished, multi-volume work An
Austrian Perspective on the History of Economic Thought. His other books include Man,
Economy, and State , Power and Market, America’s Great Depression, For a New Liberty:
The Libertarian Manifesto. He founded Left and Right: A Journal of Libertarian Thought
with Leonard Liggio and George Resch. During the 1970’s and 80’s, Rothbard was
active in the American Libertarian Party. He was the academic vice president of the
Ludwig von Mises Institute and the Center for Libertarian Studies, was a distinguished
professor at the University of Nevada, Las Vegas.
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Amartya K. Sen: Nobel laureate Amartya Sen is Master of Trinity
College, Cambridge, UK, and Lamont University Professor Emeritus at Harvard University.
He has served as President of the Econometric Society, the Indian Economic Association,
the American Economic Association and the International Economic Association. Professor
Sen has published a number of books as well as articles in various journals of
economics, philosophy, politics and decision theory. His books have been translated into
many languages and include Collective Choice (1970), On Economic Inequality (1973,
1977), On Ethics and Economics (1987), Choice, Welfare and the Measurement (1921),
Resources, Values and Development (1984), The Standard of Living (1987), Inequality
Reexamined (1992), and Development as Freedom (1999), among others.
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Parth J. Shah is president of the Centre for Civil Society, New
Delhi. He received his B Pharm from M S University, Baroda, and Ph D in economics (with
an emphasis on Austrian Political Economy) from Auburn University in the USA. He taught
economics at the University of Michigan at Dearborn before returning to India to start
the Centre for Civil Society. He has published academic articles in the areas of
development economics, welfare economics, business cycle theory, free or laissez-faire
banking, and currency board systems. In India his research has focused on private
initiatives in and reforms of the education system and property right approach to
environmental problems and natural resource management. He has edited Friedman on India,
Profiles in Courage: Dissent on Indian Socialism, Do Corporations have Social
Responsibility? and co-edited Law, Liberty, and Livelihood, Terracotta Reader, and
Agenda for Change. He is the youngest Indian member of the Mont Pelerin Society, the
premier international association of classical liberals.
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Walter E. Williams is the John M. Olin Distinguished Professor
of Economics and Chairman of the Economics Department at George Mason University. More
than 50 of his publications have appeared in scholarly journals such as Economic
Inquiry, American Economic Review and Social Science Quarterly and popular publications
such as Reader’s Digest, The Wall Street Journal and Newsweek. He is also the author
of The State Against Blacks, later made into a television documentary, America: A
Minority Viewpoint, All It Takes Is Guts, and South Africa’s War On Capitalism.
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Emily Chamlee-Wright is associate professor of economics and
management at Beloit College in Wisconsin. Her book The Cultural Foundation of Economic
Development (Routledge) explores the strategies for capital accumulation and mutual
assistance among market women in Ghana. Her current research is on micro-finance and
indigenous capital accumulation strategies in Harare, Zimbabwe. Prof. Chamlee-Wright
received the Underkoffler Award for Excellence in Teaching (Beloit College’s “Teacher
of the Year Award”) in 1997. Professor Chamlee-Wright was a W.K. Kellogg National
Leadership Fellow from 1995-1998, and currently directs the Beloit College Leadership
Institute, which identifies and trains student leaders interested in business and
community development.
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Edward W. Younkins is Professor of Accountancy and Business
Administration at Wheeling Jesuit University, and the founder of the university’s
undergraduate degree program in Political and Economic Philosophy. The author of
numerous articles in accounting and business journals, his articles and reviews have
appeared in Ideas on Liberty (formerly The Freeman), The Journal of Markets and
Morality, The Social Critic, Le Québécois Libre, Liberty Free Press, and many other
publications. He has edited a collection of Michael Novak’s articles and essays
entitled Three in One: Essays on Democratic Capitalism, 1976-2000. He is also the author
of Capitalism and Commerce: Conceptual Foundations of Free Enterprise
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Mario Gómez-Zimmerman is a Salvadoran physician living in the
United States. He is the author of two books on the war in El Salvador: El Salvador: La
Otra Cara de la Guerra and El: Salvador: Who Speaks for the People?
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