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The Business of Economics$
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John Kay

Print publication date: 1996

Print ISBN-13: 9780198292227

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292228.001.0001

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Inclusive Economies

Inclusive Economies

Chapter:
(p.137) 15 Inclusive Economies
Source:
The Business of Economics
Author(s):

John Kay (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0198292228.003.0015

This chapter contrasts two alternative philosophies that can provide the context for capitalism to exist. On the one end, the New Right holds that the most important social institution is private property, self‐interest is the central human emotion and insecurity is the engine of progress. If there is room for nobler sentiments like altruism, sincerity, and confidence, it is in our family life and not in commerce. On the other end, inclusive economies believe that there is no incompatibility between the functioning of markets and the existence of shared values, collective activity, and broadly accepted concepts of fairness.

Keywords:   capitalism, fairness, governance, inclusive economics, market economics, markets, New Right, private property, self‐interest, shared values

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