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The economy isn't amoral.

The economy's moral basis is that individuals must compete for private property. Accumulation of private property is the only acceptable moral goal.

Smith argued for mitigation of the social damage caused by this idea, but he still agreed with it in principle. And mitigation rather than denial is the basis of Socialism - property rights are fine, some competition is fine, but there should be a safety net rather than economic and social perdition for the losers.

The corollary is that misery will remain as long as forced competition remains. Instead of mitigating the results of failure, it might be more useful to concentrate on mutual aid as a primary goal and reduce competition to a seasoning.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue Dec 14th, 2010 at 08:52:47 PM EST
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