Moral foundations of capitalism: philosophical perspectives and analysis
Capitalism is an economic system that is responsible for a great deal of the industrialization in the 21st century world. With the downfall of feudalism came the epic rise of capitalism over the western world. Primary elements of capitalism include wage labor, competitive markets, the ownership and privatization of means of production, accumulating capital, and producing goods or services as means for income and/or profit. Capitalism may be referred to by several other names, some of which include a market economy, a self-regulating market, or a free market. These and other terms may be synonymous for capitalism. Over the centuries, there has been great protest and great support for capitalism and its effects. This paper will provide a comprehensive understanding of capitalism and question the morality of capitalism—is capitalism amoral, immoral, moral, or something else altogether? The paper will endeavor to answer this question and justify a moral critique of capitalism.