Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

The morality of markets
Jewish World Review ^ | May 7, 2003 | Walter Williams

Posted on 05/08/2003 9:19:46 AM PDT by Chirodoc

My recent column "From Whence Comes Income" sparked considerable favorable reader response, not to mention thoughtful reader correction of my grammar error in the title: "From Whence" is redundant. Quite a few readers were a bit confused about my assertion that market allocation of goods and services are infinitely more moral than the alternative.

The first principle of a free society is that each person owns himself. You are your private property, and I am mine. Most Americans probably accept that first principle. Those who disagree are obliged to inform the rest of us just who owns us, at least here on earth.

This vision of self-ownership is one of those "self-evident" truths to which the Founders referred to in the Declaration of Independence, that "All Men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness." Like John Locke and other philosophers who influenced them, the Founders saw these rights as preceding government, and they said, "That to secure these Rights, Governments are instituted."

The Framers of the Constitution recognized that while government was necessary to secure liberty, it was also liberty's greatest threat. Having this deep suspicion of government, they loaded our Constitution with a host of anti-congressional phrases, such as: "Congress shall make no law," "shall not be infringed" and "shall not be violated."

Once one accepts the principle of self-ownership, what's moral and immoral becomes self-evident. Murder is immoral because it violates private property. Rape and theft are also immoral -- they also violate private property.

Here's an important question: Would rape become morally acceptable if Congress passed a law legalizing it? You say: "What's wrong with you, Williams? Rape is immoral plain and simple, no matter what Congress says or does!"

If you take that position, isn't it just as immoral when Congress legalizes the taking of one person's earnings to give to another? Surely if a private person took money from one person and gave it to another, we'd deem it theft and, as such, immoral. Does the same act become moral when Congress takes people's money to give to farmers, airline companies or an impoverished family? No, it's still theft, but with an important difference: It's legal, and participants aren't jailed.

Market allocation of goods and services depends upon peaceable, voluntary exchange. Under such exchanges, the essence of our proposition to our fellow man is: If you do something I like, I'll do something you like. When such a deal is struck, both parties are better off in their own estimation.

Billions of these propositions are routinely made and carried out each day. For example, take my trip to the grocery store. My proposition to the grocer is, essentially: "If you make me feel good by giving me that gallon of milk you own, I'll make you feel good by giving you three dollars that I own." If my proposition is accepted, the grocer is better off, since he values the $3 more than the milk and I'm better off, since I value the milk more than the $3.

Contrast the morality of market exchange with its alternative. I might go to my grocer with a pistol and propose: give me a gallon of milk or I'll shoot you. Or, I might lobby Congress to take his milk and give it to me. Either way I'm better off but the grocer is worse off.

Lest there's misunderstanding, there are legitimate and moral functions of government, namely that of preventing the initiation of force, fraud and intimidation, and we're all duty-bound to cough up our share of the cost. All other matters in our lives should be left to civil society and its institutions.


TOPICS: Business/Economy; Culture/Society; Editorial; Miscellaneous; Philosophy; Politics/Elections
KEYWORDS: walterwilliams
Navigation: use the links below to view more comments.
first 1-2021-26 next last

1 posted on 05/08/2003 9:19:46 AM PDT by Chirodoc
[ Post Reply | Private Reply | View Replies]

To: BlindedByTruth; JonathansMommie
Walter Williams is a gem.
This is Economics for Conservatives 101.
2 posted on 05/08/2003 9:29:39 AM PDT by netmilsmom (Bush/Rice 2004- pray for our troops)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Chirodoc
I love Walter Williams, but...

"Contrast the morality of market exchange with its alternative. I might go to my grocer with a pistol and propose: give me a gallon of milk or I'll shoot you. Or, I might lobby Congress to take his milk and give it to me. Either way I'm better off but the grocer is worse off."

I would have to argue that by the same logic of his previous paragraph that the hold-up scenario is also a market exchange. The grocer values his life more than the milk, and the robber values the milk more than the possible consequences of getting caught.

As for Congress, robbery is institutionalized, but it is a market exchange nonetheless.
3 posted on 05/08/2003 9:49:42 AM PDT by EBITDA
[ Post Reply | Private Reply | To 1 | View Replies]

To: Skibane; jlogajan; AdamSelene235; coloradan; jimt; freeeee; Pahuanui; tdadams; ...
A Walter Williams ping
4 posted on 05/08/2003 10:29:16 AM PDT by gcruse (Vice is nice, but virtue can hurt you. --Bill Bennett)
[ Post Reply | Private Reply | To 1 | View Replies]

To: EBITDA
Your analogy stretches the concept of "market" past the breaking point. Coercive exchanges hardly represent a free market. Did the Jews go to extermination camps because they valued getting on a train more than they valued the survival of their race?
5 posted on 05/08/2003 10:31:46 AM PDT by coloradan
[ Post Reply | Private Reply | To 3 | View Replies]

To: gcruse
Porcupine Bump.

God's Speed, Williams.
6 posted on 05/08/2003 10:39:48 AM PDT by JohnGalt (They're All Lying)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Chirodoc
The first principle of a free society is that each person owns himself. You are your private property, and I am mine.

If I own myself, where is my clear deed and title? Do I own my children, not only because they are minors, but because they are "products" of my own body?

Those who disagree are obliged to inform the rest of us just who owns us, at least here on earth.

The last phrase is meant as a hedge against those who would claim that God owns us, but it fails miserably: God is omnipresent, even on Earth.

Once one accepts the principle of self-ownership, what's moral and immoral becomes self-evident.

Saints preserve us if we see all morality only as a matter of property rights! If we do, we lose all basis for encouraging the common virtues upon which republican government depends.

Further, Williams uses "self-evident" improperly: if one has to accept certain principles before reasoning to morality, then that morality isn't self-evident.

Murder is immoral because it violates private property. Rape and theft are also immoral -- they also violate private property.

Nothing about the dignity of the human person or the natural law or the Golden Rule, or even the good life. It's all a matter of property rights. Could any moral theory be more barren?

7 posted on 05/08/2003 10:43:39 AM PDT by Dumb_Ox
[ Post Reply | Private Reply | To 1 | View Replies]

To: Dumb_Ox; gcruse
The last phrase is meant as a hedge against those who would claim that God owns us, but it fails miserably: God is omnipresent, even on Earth.

Your God may own you, but my God gave me the ability to decide. For living in the world, I own me.

gcruse:Thanks for the ping....it is so simple, I am always amazed when people don't get it...even after all these years of seeing that they do not.

8 posted on 05/08/2003 11:19:05 AM PDT by RJCogburn (Yes, I will call it bold talk for a......)
[ Post Reply | Private Reply | To 7 | View Replies]

To: newgeezer
If you take that position, isn't it just as immoral when Congress legalizes the taking of one person's earnings to give to another?

WW has lost it I fear.

9 posted on 05/08/2003 11:21:55 AM PDT by biblewonk (Spose to be a Chrissssstian)
[ Post Reply | Private Reply | To 1 | View Replies]

To: RJCogburn
Your God may own you, but my God gave me the ability to decide. For living in the world, I own me.

I'm no Calvinist; free-will is not incompatible with acknowledging God's sovereignty. Though it is possible that it is as misleading to believe God "owns" us as it is to believe that we own ourselves.

Please note that I do not deny man's right of usufruct over his own life. It's just that the statement "I own myself" seems to me no more self-evident than the phrase "I see myself," and even more problematic.

10 posted on 05/08/2003 12:24:38 PM PDT by Dumb_Ox
[ Post Reply | Private Reply | To 8 | View Replies]

To: Chirodoc
Wow, Walter pays a lot for milk.
11 posted on 05/08/2003 12:59:32 PM PDT by cruiserman
[ Post Reply | Private Reply | To 1 | View Replies]

To: coloradan
The fact that we have to apply the descriptive adjective "free" to the term market (which is by definition a voluntary exchange, and therefore free) shows how far the transformational Marxists and their language shenanigans (the most blatent aspect of dialectic thinking) have taken us. So now any exchange, forced or not, is viewed as a market, and we have to clarify by appending the term free to it. It's almost babyllonian in its implications.
12 posted on 05/08/2003 1:20:22 PM PDT by LibTeeth
[ Post Reply | Private Reply | To 5 | View Replies]

To: Chirodoc
"Market allocation of goods and services depends upon peaceable, voluntary exchange."

In theory the doctrine of Adam Smith made world wide prosperity possible. While it is true that a rising tide raises all the boats, it is also true that you can drown in a stream that has an average depth of six inches. As a result most of the worlds market economies are mixed. Pure capitalism can and has failed to provide where cartels, monopolies, and gobalism (capitalism on steroids) has impoverised large chunks of the population.

13 posted on 05/08/2003 3:19:28 PM PDT by SSN558 (Be on the lookout for Black White-Supremists)
[ Post Reply | Private Reply | To 1 | View Replies]

To: biblewonk
WW has lost it I fear.

Lost what? Has he changed his postition on this?

You think it's moral for a group of people to take one person's earnings by force and give them to another person to whom they do not belong?

14 posted on 05/08/2003 3:22:59 PM PDT by Protagoras (Putting government in charge of morality is like putting pedophiles in charge of children)
[ Post Reply | Private Reply | To 9 | View Replies]

To: SSN558
Please cite a case of pure capitalism. Then please cite a case of a monopoly. (not granted by government or enforced by criminals)
15 posted on 05/08/2003 3:32:33 PM PDT by Protagoras (Putting government in charge of morality is like putting pedophiles in charge of children)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Protagoras; biblewonk
biblewonk: WW has lost it I fear.

Protagoras: Lost what? Has he changed his position on this? [Do] you think it's moral for a group of people to take one person's earnings by force and give them to another person to whom they do not belong?

Good questions. Here, I'll repeat what Dr. Williams wrote:

What say you, biblewonk?
16 posted on 05/08/2003 3:41:46 PM PDT by newgeezer (...until the voters discover they can vote themselves largesse from the public treasury.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Protagoras
Pure Capitalism: The illegal drug business. Other aspects of the underground economy such as flea markets and garage sale networks. Hong Kong past tense.

Monopoly: The 19th century railroads, oil companies, and coal mining industries.

Cartel: OPEC and South American Cocaine business.

Good enough for you ?

17 posted on 05/08/2003 5:50:02 PM PDT by SSN558 (Be on the lookout for Black White-Supremists)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Protagoras
You think it's moral for a group of people to take one person's earnings by force and give them to another person to whom they do not belong?

Render unto Ceasar the things that are Ceasar's.

18 posted on 05/09/2003 5:41:50 AM PDT by biblewonk (Spose to be a Chrissssstian)
[ Post Reply | Private Reply | To 14 | View Replies]

To: newgeezer
Render unto Ceasar the things that are Ceasar's.
19 posted on 05/09/2003 5:42:52 AM PDT by biblewonk (Spose to be a Chrissssstian)
[ Post Reply | Private Reply | To 16 | View Replies]

To: biblewonk
Render unto Ceasar the things that are Ceasar's.

Heh-heh. Easy for you to say. ;O) (Exactly as I expected, too.)

20 posted on 05/09/2003 7:00:42 AM PDT by newgeezer (...until the voters discover they can vote themselves largesse from the public treasury.)
[ Post Reply | Private Reply | To 19 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-26 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson