A Republican may protest that income inequality is not a problem, but, when enough voters are energized by the issue, then by definition it has become a problem—a political problem. The same holds for medical care, the cost of education, home prices, and the fate of the perpetually unemployed and unemployable. A free-market theorist can explain how markets provide the most efficient approach to these social problems, but the body politic does not always want efficiency.
So let’s set aside the arguments for free-market capitalism based on claims about its efficiencies and capacity to produce wealth. I want to focus on some moral arguments for free-market capitalism, so that we can more fully and intelligently participate in the growing call for a reassessment of our economic system...
November 05, 2008
R. Reno on First Things today...
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