GISDepartment of Global and Interdisciplinary Studies

Can capitalism have moral foundations? Though this question may seem strange in today's world of vast economic disparities and widespread poverty, discussions originating with the birth of capitalism add a critical perspective to the current debate on the efficacy and morality of capitalist economies. This course introduces classical political philosophy as a framework by which to evaluate the ethics of capitalism today. It begins by revisiting and reconstructing historical eighteenth- and nineteenth-century defenses of capitalism, as written by key proponents such as Adam Smith and John Stuart Mill. It further wonders what these early advocates of market order would say about contemporary economies, and discusses the importance of connecting these foundational defenses to the examination of economic systems and the roles they play in economic justice and injustice today.

1. This course will help develop a deeper understanding of the basic issues, concepts and viewpoints found in the ethical treatment of capitalism.
2. This course will introduce students to the relationship between political philosophy and political economy.
3. This course will help students recognize the moral differences between different economic systems.

Will be able to gain “DP 1”, “DP 2”, “DP 3”, and “DP 4”.

英語 / English

Students will attend lectures, read related materials and have two written examinations. Feedback on completed assignments will be given in class.

あり / Yes

なし / No

授業形態/methods of teaching：対面/face to face

※各回の授業形態は予定です。教員の指示に従ってください。

1[対面/face to face]：What is Capitalism? Definitions and Controversies

Offers a working definition of capitalism and how it contrasts both with alternative systems like socialism and feudalism, and how the economic status quo might be viewed as a mixture of these systems.

2[対面/face to face]：Political Economy and Economic Justice

Explores how political economy is an attempt to unify what are now recognized as the distinct disciplines of economics and political philosophy.

3[対面/face to face]：Hierarchy and Feudalism

Adam Smith regarded “commercial society” as the chief alternative to Feudalism. We will use this starting point for considering the moral foundations of a capitalist order.

4[対面/face to face]：Market Order and Market Failure

We will discuss the most influential argument in favor of a capitalist economy: the argument from price signaling. We will then look at the limits of price signaling and other alleged cases of “market failure.”

5[対面/face to face]：So Why Not Socialism?

We will consider some influential arguments for socialism. Two key internal questions are whether a socialist economy is based on coercion or voluntary cooperation, and whether production should involve markets and competition.

6[対面/face to face]：Wage and Labor Inequality

We will address some principal questions about labor market justice. Some of these are old concerns about the persistence of poverty due to the forces that keep wages low among unskilled workers. This leads to worries about exploitation.

7[対面/face to face]：Review & Midterm Exam

Review

8[対面/face to face]：The Welfare State and Its Rivals

We will look at some leading proposals for dealing with the fact that the labor market confers rewards unequally. We will further consider how governments have made various attempts to correct for this by regulating or intervening with the labor market.

9[対面/face to face]：Global Trade

We will examine some concerns about capitalism with respect to relations between different countries, or people within them. Early defenses of capitalism from the golden age saw trade as a force for prosperity, and possibly justice.

10[対面/face to face]：Status and Positional Goods

This week we look at the problems posed by positional goods and status. These are goods that confer relative or “competitive” advantages, and whose supply is limited.

11[対面/face to face]：The Future of Work

This week we discuss various questions about how a market society might develop, such that its citizens spend less time in paid employment.

12[対面/face to face]：Capitalism and the Environment

We look at ways in which capitalism impacts the natural world. While capitalism and markets are not solely to blame for environmental harms, there are some objections to markets that we shall explore.

13[対面/face to face]：Markets in Everything?

Examinines recent questions though the philosophical literature on them is already very lively. More specifically, we’re interested in the sorts of exchanges that might be “off-limits” to markets.

14[対面/face to face]：Final Exam & Wrap-up

Review

Students are expected to read the materials as instructed and prepare for class participation and discussion. Preparatory study and review time for this class are 2 hours each.

The Ethics of Capitalism, Halliday and Trasher, 2020 Oxford University Press
The main readings for the course will be drawn from this text.

All readings and handouts will be made available in class or through Hoppi.

Smith, Adam (1776) Wealth of Nations (WON).

Mill, John Stuart (1848) Principles of Political Economy.

Hayek, F.A., (1945) “The Use of Knowledge in Society” American Economic Review, 25(4): 519–30.

Heath, Joseph (2018) “On the Very Idea of a Just Wage” Erasmus Journal for Philosophy and Economics, 11(2): 1-33

Evaluation will be based on a selection exam (10%) class participation (15%) midterm exam (35%) and final exam (40%).

Some changes have been made to the topics covered in the class.

This course is intended for the those new to the philosophical study of political economy, presupposing little or no background in philosophy.

none.