The place to begin may be with a moral critique of the capitalist creed. Usually the social pressure is reinforced with legal sanctions having a painful bite. People who decry oil company profits, for example, don't understand that a major factor driving up oil prices was the weak value of the dollar on currency markets, a result of the Federal Reserve Bank printing too many greenbacks.
The Windfall Profit Tax was widely considered a disappointment and was eventually repealed. The concept of capitalism is simple and short. After about sixty years of effort, by 1948 all the U.S. states had workplace safety laws and workmen compensation laws. If poor countries just limited their exposure to global capitalism in the first place, they might be better off — and would be better positioned to establish moral economies. It wasn’t until Alfred Marshall published his Principles of Economics in 1890 that economics came to be regarded as a separate realm of human activity governed by its own rules, which in Marshall’s language were sometimes called economic laws. The essence of a moral economy is not the denial that people are self-interested and sometimes seek the advantage over others, but to subordinate these motives to a broader moral framework that tempers and restrains them. In the case of oil companies, taxes on profits destroy capital that would otherwise go toward exploration and new oil production. View an alternate.
However, capitalist support for public education shows that even capitalists don’t believe that their abstract individual freedom can be realized without non-capitalist strategies to provide the disadvantaged with opportunities they wouldn’t otherwise enjoy.
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It did both by establishing the principle of private property used for profit and by driving peasants out of their rural villages, where they could no longer survive, and into the cities, where they became the original capitalist working class. For example, Paul encouraged to the Corinthian church to prepare a gift they promised for the benefit of the Jerusalem church (1 Corinthians 16:1-4; 2 Corinthians 8:2, 6-8). This argument, however, ignores the circumstances that force many people to accept imbalanced deals that are merely marginally better for them. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. He believed that the First World War showed that capitalism is to weak to ward off warfare forever. In fact, the Bible has over 2000 verses dealing with money. It tends toward oligarchy and plutocracy, not toward democracy. Adam Smith, the architect of the capitalist creed, was by occupation a moral philosopher. This suggests that the moral behaviour of individuals who act within the capitalist system has to be changed rather than the system itself. Job-seekers born poor, for example, must find jobs working for those who are richer, an imbalance that enables employers to take advantage of employees.
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