The John Templeton Foundation has a series of conversations among leading scientists, scholars, and public figures about the “Big Questions“. The fourth issue of this series, “A Templeton Conversation” is particularly interesting to those who care about the free market, and even to those who prefer more government intervention. This latest issue asks,“Does the free market corrode moral character?“. Read what liberty champions such as Michael Novak, Tyler Cowen, and Ayaan Hirshi think. Compare their comments with the views from the other authors who think differently.
Economic freedom cannot exist without the rule of law. Free markets certainly do not corrode moral character because it is a system where individuals are rewarded according to the value they create for society. The rule of law gives individuals the incentive to comply with laws because if they don’t, they would not be able to get away with the law.
Free markets allow the best of humans to realize their full potential, while the rule of law keeps the immoral side of humans checked. Free markets enhance moral character, as it brings out the entrepreneurial spirit of humans by encouraging individual initiative, hence adding value, not only to themselves but also to society.
Free market and the rule of law – the two together form a system superior to any other that we know of because they provide incentives to individuals to care about moral character. Since the free market works only when the rule of law is present,it would not corrode moral character. The opposite of a free market is a system which introduces opportunities for corruption and the abuse of power, contradicting moral character. This again proves that free market is a better system for moral character building.
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