For this episode of Acton Line, Dylan Pahman, the editor of the Journal of Markets and Morality and a research fellow here at Acton, speaks with Alexander Salter. Salter is the author of the recent article "Free Enterprise and the Common Good,“ published at the Heritage Foundation. The article has generated a lot of buzz, particularly online, where the Salter’s ideas have been the subject of much debate.
Before delving into specific questions about the article and its reception, we start with some definitions to clear the air: What is common-good capitalism? What is the common good? And what is the difference between the "science" of economics and the "art" of political economy?
They then explore how the author's article has been perceived within the context of the Heritage Foundation's recent changes, as well as how their ideas diverge from those of other national conservative economic proposals.
They also discuss the influence of Roman Catholic social thought on the author's ideas, and the ways in which the Swiss German ordoliberal economist Wilhelm Röpke has shaped their thinking. Finally, we look at the concept of industrial policy and how it fits into the author's vision of common-good capitalism.
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