In a novel application of the work of neo-Aristotelian virtue ethics to the philosophy of business, Robert CB Miller argues that free-market capitalism requires virtues to mitigate its flaws and to enhance its strengths.
Ethics in a Capitalist Economy begins with an outline of modern virtue ethics, deriving from Aristotle and Aquinas and reinvigorated in the 20th century by writers including Elizabeth Anscombe and Philippa Foot. Taking up the idea that human nature determines the virtues, Miller sets out three types of virtue specific to economic activity: contractual, behavioural and entrepreneurial. With reference to major historical and contemporary thinkers including Adam Smith, John Locke, David Hume, Alasdair MacIntyre, Mary Midgeley and Steven Pinker, the book shows the flaws in the market economy and the ways in which these flaws can be mitigated by the application of particular virtues in order to encourage human flourishing. The book includes three case studies investigating the practice (or absence) of virtues in real world situations: on the career of Warren Buffett, on insights from behavioural economics and on the philanthropic efforts of business leaders.
This book combines practical considerations with a detailed and accessible reading of the theory of virtue ethics and its relation to human nature in political economy.
By:
Robert CB Miller (Independent Researcher UK)
Imprint: Bloomsbury Academic
Country of Publication: United Kingdom
Dimensions:
Height: 236mm,
Width: 164mm,
Spine: 22mm
Weight: 780g
ISBN: 9781350515383
ISBN 10: 1350515388
Pages: 264
Publication Date: 11 December 2025
Audience:
Professional and scholarly
,
Undergraduate
Format: Hardback
Publisher's Status: Active
List of Tables List of Figures Acknowledgements A Note on Marc D. Hauser Introduction Part I: Human Nature And Virtue Ethics 1. Human Nature 2. Human Nature and Natural History 3. Human Nature Specifies the Virtues Part II: Human Nature: Contract, Property, Specialisation and Welfare 4. Human Nature: Collaborative and Contractual 5. Property and Planning 6. Human Nature: Infinitary and Syntactic 7. The Division of Labour 8. Welfare and Human Flourishing Part III: Describing the Economic Virtues 9. The Contractual Virtues 10. The Behavioural Virtues 12. Retrospect and Conclusion Appendix References Index
Robert CB Miller is an author and former financial journalist and company director, based in the UK. He was a Senior Research Fellow at the Institute of Economic Affairs, UK. He has a doctorate in philosophy from the University of Reading, UK.
Reviews for Ethics in a Capitalist Economy: Why Markets Need Virtues
This important book shows how market economies exhibit and require virtues. The chapter on entrepreneurship is especially important. We do well to remember that a society which obstructs entrepreneurship may become miserably poor, but one in which entrepreneurs are vicious and not virtuous will struggle to promote human flourishing. * Philip Booth, Professor of Catholic Social Thought and Public Policy, St. Mary’s University, UK *
