The behavioral foundations of capitalism do, of course, continue to engage attention, and the pursuit of self-interest still occupies a central position in theories about the workings and successes of capitalism. But in these recent theories, interests are given a rather different-and much more "positive"-role in promoting efficient allocation of resources through informational economy as well as the smooth working of incentives, rather than the negative role of blocking harmful passions.
Amartya SenRelated topics
allocation attention blocking central continue course given position self-interest smooth well working workingsRelated quotes
It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? ... To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.
George Soros
We ourselves, the workers, will organize large-scale production on the basis of what capitalism has already created; we shall rely on our own experience as workers, we shall establish strict, iron discipline supported by the state power of the armed workers, we shall reduce the role of he state officials to that of simply carrying out our instructions as responsible, revocable, moderately paid "managers"( of course, with the aid of technicians of all sorts, types and degrees). This is our proletarian revolution.
Vladimir Lenin
[T]here could be no guarantee in a free market that the interests of race or state as Hitler defined them would take priority over the interests of businessmen or consumers. After 1933 the role of the state in regulating and directing economic life increased sharply, first in order to encourage economic revival, then to divert economic resources to the growth of German military power... [which] led, in an unplanned, incremental way, to the establishment of a kind of command economy.
Richard Overy
Government has three primary functions. It should provide for military defense of the nation. It should enforce contracts between individuals. It should protect citizens from crimes against themselves or their property. When government-- in pursuit of good intentions tries to rearrange the economy, legislate morality, or help special interests, the cost come in inefficiency, lack of motivation, and loss of freedom. Government should be a referee, not an active player.
Milton Friedman
The central fact for me is, I think, that the [role of the] intellectual ... cannot be played without a sense of being someone whose place it is publicly to raise embarrassing questions, to confront orthodoxy and dogma (rather than to produce them), to be someone who cannot easily be co-opted by governments or corporations, and whose raison d'être is to represent all those people and issues that are routinely forgotten or swept under the rug.
Edward Said