The Ethics of Capitalism (PHIL20044)

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, and 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.