Inclusive Economies

John Kay

in The Business of Economics

Published in print October 1996 | ISBN: 9780198292227
Published online November 2003 | e-ISBN: 9780191596520 | DOI:
 Inclusive Economies

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This chapter contrasts two alternative philosophies that can provide the context for capitalism to exist. On the one end, the New Right holds that the most important social institution is private property, self‐interest is the central human emotion and insecurity is the engine of progress. If there is room for nobler sentiments like altruism, sincerity, and confidence, it is in our family life and not in commerce. On the other end, inclusive economies believe that there is no incompatibility between the functioning of markets and the existence of shared values, collective activity, and broadly accepted concepts of fairness.

Keywords: capitalism; fairness; governance; inclusive economics; market economics; markets; New Right; private property; self‐interest; shared values

Chapter.  5438 words. 

Subjects: Microeconomics

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