Can the Free Market Work without Virtue

Libertarianism has become one of the most influential movements of the last twenty years. Its political effects can be seen as the driving force behind many in the ranks of the Republican-controlled Congress. This article is a presentation and critical examination of the founding principles of Libertarianism. It argues that much is valid in free-market ideas, especially at the microeconomic level. However, Libertarianism overstates the case for rational actors, understates the necessity for government action to maintain security, misunderstands the complexity of human behavior, neglects the need to foster civil associations, and ignores the natural proclivity of people to be virtuous independent of self-interest

Economics · Environmental ethics · Free market · Invisible hand · Law and economics · Libertarianism · Neoclassical economics · Political economy · Political philosophy · Political science · Politics · Sociology · Virtue · American Constitutional Law and Politics · Law · Philosophy · Political Economy and Marxism