What Is Capitalism? (with Mike Munger)
EconTalk
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The Foundations of Capitalism: Exchange and Ethics
This chapter explores the intricate layers of capitalism, starting with voluntary exchange and its role in the evolution of markets and economic systems. It emphasizes the importance of property rights, consumer surplus, and ethical conduct in fostering beneficial exchanges, while referencing Adam Smith's views on human nature in trade. Additionally, the discussion highlights how individual self-interest intertwines with morality, underscoring the significance of trust and justice in economic interactions.
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