Free trade should not equate to the absence of all regulations; instead, it should be free from oppressive and unjust restraints that hinder individuals from utilizing their labor and capital. There is a recognition that historical feudal laws and the influence of wealthy private interests can create barriers. The government can play a beneficial role by supporting working people, as lawmakers historically favor the owning class. Therefore, any regulation that supports workers against the ownership class is considered just and necessary, underscoring a pro-capitalism stance that acknowledges the need for equitable treatment in economic policies.
Economic change happens in a cultural context. We trace the tectonic shifts in the Western mind that made capitalism thinkable – in part through a look at two Enlightenment thinkers: Baruch Spinoza and Adam Smith. (The real Smith, not the one held up as the patron saint of unfettered capitalism.).
By John Biewen, with co-host Ellen McGirt. Interviews with Kate Rigby, Glory Liu, Steven Nadler, and Wendy Carlin. Story editor: Loretta Williams. Music by Michelle Osis, Lilli Haydn, Chris Westlake, Alex Symcox, and Goodnight, Lucas. Music consulting by Joe Augustine of Narrative Music. "Capitalism” is a production of the Kenan Institute for Ethics at Duke University, in partnership with Imperative 21.