Ethics in a Capitalist Economy: Why the Market Needs Virtues

In a novel application of the work of neo-Aristotelian virtue ethics to the philosophy of business, Robert CB Miller argues that free-market capitalism requires virtues to mitigate its flaws and to enhance its strengths.

Ethics in a Capitalist Economy begins with an outline of modern virtue ethics, deriving from Aristotle and Aquinas and reinvigorated in the 20th century by writers including Elizabeth Anscombe and Philippa Foot. Taking up the idea that human nature determines the virtues, Miller sets out three types of virtue specific to economic activity: contractual, behavioural and entrepreneurial. With reference to major historical and contemporary thinkers including Adam Smith, John Locke, David Hume, Alasdair MacIntyre, Mary Midgeley and Steven Pinker, the book shows the flaws in the market economy and the ways in which these flaws can be mitigated by the application of particular virtues in order to encourage human flourishing. The book includes three case studies investigating the practice (or absence) of virtues in real world situations: on the career of Warren Buffett, on insights from behavioural economics and on the philanthropic efforts of business leaders.

This book combines practical considerations with a detailed and accessible reading of the theory of virtue ethics and its relation to human nature in political economy.

Robert CB Miller is a retired financial journalist and company director (in the City of London). He was a Senior Research Fellow at the Institute of Economic Affairs, UK.