In this discussion with Darcy Gerow, I explain the moral foundations of capitalism and why free societies cannot be sustained by markets, laws, or institutions alone.

Capitalism depends on deeper values: honesty, trust, contractual integrity, personal responsibility, and respect for liberty. Without those moral habits, formal institutions decay into predation, corruption, and tyranny.

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Key Takeaways

• Why capitalism depends on morality
• How ethics give rise to liberty, justice, and contractual integrity
• Why institutions fail in societies lacking moral foundations
• The connection between Western values and free societies
• Why top-down reforms fail when culture remains corrupt