Stumbling and Mumbling: The economic base of virtue
ResPublica's call for more virtue in banking looks like it is out of step with our times. This is an indictment not of ResPublica, but of our times. In fact, virtue is necessary for a healthy free market economy because virtuous men do the right thing without law, and so virtue is an alternative to an arms race between ever-increasing regulation and ever more cunning attempts to game such regulation. Free markets, in this sense, need a moral framework.
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