In this discussion with Mike Reid on Scotch and Scholars, I discuss Capitalism & Morality, the annual seminar I run in Vancouver, and why capitalism cannot survive without a moral and cultural foundation.

Capitalism is not merely markets, money, trade, or private property. It depends on honesty, trust, reason, self-restraint, and respect for contracts and individual rights. When those moral foundations decay, capitalism becomes impossible, and society drifts toward corruption, coercion, envy, and decline.

Watch the full discussion below:

Key Takeaways

• Capitalism depends on a moral foundation; it cannot function in a society without trust, honesty, and respect for property.
• Markets require more than laws and institutions; they require people capable of reason, restraint, and good faith.
• Capitalism & Morality was created to explore the connection between economic freedom and moral civilization.
• The decline of morality in the West threatens the institutions that made prosperity possible.
• Societies that lack the cultural foundations of capitalism cannot simply import its outward forms and expect them to work.