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Moral capital and commercial society

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  • Suri Ratnapala

Abstract

This paper examines the idea of moral capital in relation to commerce. Moral capital is found in the form of justice, beneficence and temperance. These concepts are explained and distinguished from related ideas of social capital and human capital. Following Hume, Smith and Hayek, the author treats justice and commerce as aspects of the same evolutionary process and challenges the traditional mistrust of commerce on moral grounds. The paper discusses the ways in which commerce strengthens morality and explains why the state can enforce justice but cannot practice or enforce beneficence without harm to justice. The discussion is concluded with some thoughts about the depletion of moral capital in industrialised democracies.

Suggested Citation

  • Suri Ratnapala, 2002. "Moral capital and commercial society," ICER Working Papers 41-2002, ICER - International Centre for Economic Research, revised Mar 2003.
    • Handle: RePEc:icr:wpicer:41-2002
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    File URL: http://www.bemservizi.unito.it/repec/icr/wp2002/ratnapala41-02.pdf
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    References listed on IDEAS

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    1. Gary S. Becker, 1981. "A Treatise on the Family," NBER Books, National Bureau of Economic Research, Inc, number beck81-1.
    2. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54, National Bureau of Economic Research, Inc.
    3. Nathan Rosenberg, 1990. "Adam Smith and the Stock of Moral Capital," History of Political Economy, Duke University Press, vol. 22(1), pages 1-18, Spring.
    4. Booth, William James, 1994. "On the Idea of the Moral Economy," American Political Science Review, Cambridge University Press, vol. 88(3), pages 653-667, September.
    5. Glenn C. Loury, 1976. "A Dynamic Theory of Racial Income Differences," Discussion Papers 225, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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    Cited by:

    1. Peter A.G. van Bergeijk, 2009. "Economic Diplomacy and the Geography of International Trade," Books, Edward Elgar Publishing, number 13518.
    2. Adelina Milanova, 2009. "Concept Modelling of the Relation Firm Culture – Social Capital (the example of firms from the Bulgarian economic reality)," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 63-90.

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