AskProfWolff: Capitalism & Morality

A patron of Economic Update asks: "Milton Friedman said it was foolish to expect a legal fiction such as a corporation to have a moral sense. The moral sense, he said, was resident in the people operating the corporations. Why is the trouble with capitalism systemic and not simply an indictment of the people who feel compelled to seek all power and profit through it? Why can't capitalism work with completely honest and moral people? There surely are decent, honest and moral people in sufficient numbers to operate the economy. What prohibits this from happening?"

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