The Ethics of Capitalism (PHIL20044)

Undergraduate level 2Points: 12.5On Campus (Parkville)

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Overview

Availability
Semester 2
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Just about any problem in the world is frequently blamed on capitalism: inequality, wage stagnation, consumerism, climate change, precarious work, unemployment, high rent and latte prices – you name it! Capitalism has a clear image problem, but is it really the root of all evil? And what is capitalism anyway?

In this subject, we’ll start by taking a look at major figures of liberal political philosophy (Adam Smith, John Stuart Mill), and their defence of capitalism as a route to a more just and efficient society. This approach will lead us to challenge the familiar conflation of capitalism with unadulterated laissez faire economics, reconsider the extent to which current societies really are purely capitalist.

With a theory of why capitalism can be a force for the good in hand, and turning our attention to contemporary authors, we’ll be able to come to a more sophisticated perspective on what’s wrong with central economic aspects of contemporary society and what ought to be done about them. We’ll ask whether it’s fair for the Australian government to force people to take jobs they don’t want while others inherit larger fortunes tax-free, whether employers have power over workers akin to authoritarian dictators, whether it should be illegal to sell human organs to save lives, and what role the assessment of capitalism should have in coming to terms with the history of colonialism in Australia and elsewhere. Last but not least, we’ll examine the role of markets in generating and distributing the coronavirus vaccine we desperately need, and what ought to be done to address the economic consequences of the pandemic.

Intended learning outcomes

Students who successfully complete this subject will:

  • Gain a familiarity with a variety of core texts in political philosophy relevant to the moral foundations of capitalism, and be able to both interpret and evaluate their main arguments
  • Be able to understand a number of concepts that arise in moral arguments about capitalism, including exploitation, freedom, competition, ownership, and equality
  • Learn how to defend, and not just coherently state, one's own position with regard to controversial questions in political philosophy
  • Gain an understanding of how topics in political philosophy overlap with the subject matter of other disciplines, especially economics
  • Work individually, and in groups, to clarify problems, apply reasoning techniques to different issues, and to critically evaluate the results.

Last updated: 14 March 2025

Eligibility and requirements

Prerequisites

None

Corequisites

None

Non-allowed subjects

None

Recommended background knowledge

Code Name Teaching period Credit Points
PHIL10002 Philosophy: The Big Questions
Semester 1 (On Campus - Parkville)
 12.5
PHIL10003 Philosophy: The Great Thinkers
Semester 2 (On Campus - Parkville)
 12.5

Inherent requirements (core participation requirements)

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Last updated: 14 March 2025

Assessment

DescriptionTimingPercentage

Essay

  • 2000 words
Hurdle requirement: For the purposes of meeting this hurdle requirement, each submitted assessment must be complete and constitute a genuine attempt to address the requirements of the task. Submitting only part of an assessment (e.g. only the title page) or an assessment on an irrelevant topic will not meet this hurdle requirement.		Mid semester50%

Essay

  • 2000 words
Hurdle requirement: For the purposes of meeting this hurdle requirement, each submitted assessment must be complete and constitute a genuine attempt to address the requirements of the task. Submitting only part of an assessment (e.g. only the title page) or an assessment on an irrelevant topic will not meet this hurdle requirement.		During the examination period50%
Hurdle requirement: Students must attend a minimum of 75% of tutorials in order to pass this subject. All pieces of written work must be submitted to pass this subject.Throughout the teaching periodN/A

Additional details

Note: Assessment submitted late without an approved extension will be penalised at 10% per day. After five working days late assessment will not be marked. In-class tasks missed without approval will not be marked.

Last updated: 14 March 2025

Dates & times

  • Semester 2
    CoordinatorDaniel Halliday
    Mode of deliveryOn Campus (Parkville)
    Contact hours35 hours - 2 x 60 minute lectures each week and 1 x 60 minute tutorial in weeks 2-12
    Total time commitment170 hours
    Teaching period24 July 2023 to 22 October 2023
    Last self-enrol date 4 August 2023
    Census date31 August 2023
    Last date to withdraw without fail22 September 2023
    Assessment period ends17 November 2023

    Semester 2 contact information

    Email: daniel.halliday@unimelb.edu.au

     

Time commitment details

170 hours

What do these dates mean

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  • Your tuition fees, academic transcript and statements.
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       -  Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
     

    Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.

Last updated: 14 March 2025

Further information

Last updated: 14 March 2025