The Virtues of Free Markets

28 Pages Posted: 17 Apr 2013

See all articles by Mark A. Zupan

Mark A. Zupan

University of Rochester - Simon Graduate School of Business

Multiple version iconThere are 2 versions of this paper

Date Written: July 15, 2011

Abstract

This article argues that free markets promote other important virtues that have heretofore received scant attention. Specifically, through fostering an indefinitely-lived series of exchanges, free markets create a future promoting integrity and trust. This is because the more the future matters, the better behaved are individuals in the present. Therefore, rather than being castigated, as they so often are in the popular media and political arena, for encouraging immorality, free markets should be praised for fostering integrity and cooperative behavior through their promotion of ongoing mutually beneficial exchange.

Keywords: free market capitalism, U.S. economic system, economic liberty, private property rights, laissez faire capitalism

JEL Classification: P10, P16, P17

Suggested Citation

Zupan, Mark A., The Virtues of Free Markets (July 15, 2011). Cato Journal, Vol. 31, No. 2, 2011. Available at SSRN: https://ssrn.com/abstract=2251359

Mark A. Zupan (Contact Author)

University of Rochester - Simon Graduate School of Business ( email )

Rochester, NY 14627
United States

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