Economy and Virtue
Economy and Virtue
Essays on the Theme of Markets and Morality
edi ted b y dennis o’keeffe
forew ord b y d avid willetts
The Institute of Economic Affairs
First published in Great Britain in 2004 by
The Institute of Economic Affairs
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‘The Argument for Free Markets’ by Walter E. Williams
reprinted by permission of the Cato Institute
‘Character, Liberty and Social Structure’ by David Marsland
reprinted by courtesty of Society
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The authors
11
Foreword by David Willetts
16
Acknowledgements
20
Summary
21
1 Introduction
25
Dennis O’Keeffe
2 The argument for free markets: morality
versus effi ciency
34
Walter E. Williams
Introduction: freedom, sacrosanct persons and property 34
Widespread consensus that governments must not
sponsor murder does not obtain vis-à-vis government-
sponsored theft
35
Even in free societies like the USA the values of freedom
have today been in some degree eroded
36
It is basic values which bring economic effi ciency and
wealth, and not vice versa
36
Informal institut