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  • 6 years ago
Why the Economy Failed

Why the Economy Failed

In the Public Square: Host John Snyder and ITPS Contributor Daniel J. DeWit discuss how issues of character, virtue and moral consciousness are at the center of our present financial crisis. Although we tend to perceive economics as exclusively the domain of material things like goods and services, the market actually reflects the invisible commerce of good faith and character. If we do not enter the market in good faith, economic transactions begin to break down. If we do not bring virtue and character into the bargain, the free market will fail. We have forgotten that without honesty and good faith capitalism cannot work. Free enterprise, which has served us so well, will become as predatory and dysfunctional as socialism. Tragically, America does not understand this anymore, because we have become both nihilists and materialists. We think the market is purely a place of physical exchange. Rather human bargains and promises are metaphysical things. We do not understand this--because