Quoth the Raven
· QTR’s Fringe Finance
· July 13, 2026 at 11:46
· ⏱ 8 min read
| Read on Substack ↗
Summary
The article argues that economic systems themselves cannot be moral or immoral; only individuals can be moral. It contends that free-market capitalism is amoral because it leaves individuals free to make moral choices, while socialism/communism are coercive political systems that force arbitrary ends, making them immoral. For markets, this is a philosophical defense of free-market principles with no actionable trade implications.
•Zohran Mamdani is quoted saying 'Cities thrive not on fear but empathy' to argue capitalism is inhumane.
•John Dewey is referenced for the idea that society must know its 'end' to avoid caprice.
•Frédéric Bastiat is quoted: 'the principle of collective right is based on individual right.'
•Karl Marx's phrase 'from each according to his ability, to each according to his need' is cited as a socialist ideal.
•Friedrich Hayek is quoted: 'Coercion is evil precisely because it eliminates an individual as a thinking and valuing person.'
•Milton Friedman is quoted: 'Capitalism per se is not humane or inhumane, but capitalism tends to give free rein to the more humane values of human beings.'