![]() Hayek, and Milton Friedman - is the freedom that it accords to all individual adults to choose and to pursue their own goals, constrained only by the requirement that each person respect the same right of everyone else to pursue their individually chosen goals. ![]() ![]() The defining feature of liberalism - by which, of course, I mean the liberalism of scholars such as Adam Smith, Frédéric Bastiat, F.A. Yet “common good capitalism” is marred by an even deeper problem: it rejects the liberalism from which true capitalism springs, the absence of which makes impossible the operation of a dynamic market order that maximizes the prospects of individuals to achieve as many as possible of their goals. These flaws alone are enough to fully discredit the case for “common good capitalism.” As I explained in my previous column, the empirical claims used to justify this ill-defined version of capitalism range from questionable to downright false, while much of the economic reasoning deployed by “common good capitalists” is a nest of confusion. The foundation upon which the case for so-called “common good capitalism” rests is rickety at best. ![]()
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